Long-Term Incentive Program initiated

The  Board  of  Directors  of  BW  Energy  Limited  ("BWE" or the "Company") has
approved  the award of share options  under a Long-Term Incentive Program (LTIP)
adopted  on  19(th) May  2021, to  align  the  interests  of  the  participating
employees  with those  of the  Company's shareholders.  This is the first annual
award  under the LTIP. The LTIP is discretionary and participants are invited on
an annual basis.

The  total number of shares awarded under the LTIP for 2021 are 1,547,966, where
1,289,972 are  allocated  to  options  that  will  give  the holder the right to
acquire one BW Energy shares and 257,994 are allocated to Restricted Share Units
("RSUs")  providing the holder  shares at each  vesting event. A  total of 16 BW
Energy employees have been invited to participate in the program.

The  strike price  of the  options is  calculated based  on the  volume weighted
average  share price five  trading days prior  to grant date,  plus a premium of
15.76% (corresponding  to a 5% increase annually over 3 years). The strike price
for the options awarded on 7 July 2021 is NOK 30,73.

The options will have a vesting period of three years, followed by a three years
exercise  period. Exercise windows will be set  by the Company. The options will
expire 6 years after the award date.

The  RSUs are settled in shares  immediately following vesting schedule. At time
of  vesting the shares will  be settled at the  Fair Market Value. The RSUs will
vest 1/3 annually over three years.

The  options and  RSUs are  non-tradable and  conditional upon the option holder
being  employed by the Company  and not having resigned  or being terminated for
cause prior to the vesting date.

The following primary insiders of the Company have been awarded options and RSUs
under the LTIP for 2021:

1.   Chief Executive Officer, Carl K. Arnet


Options awarded: 400,000

Restricted Stock Units: 129,500

Total number of shares: 529,500

Shares held: 2,649,582

2.   Chief Financial Officer, Knut R. Saethre


Options awarded: 133,000

Restricted Stock Units: 42,831

Total number of shares: 175,831

Shares held: 125,991

3.   Chief Commercial Officer, Thomas Kolanski


Options awarded: 133,000

Restricted Stock Units: 42,831

Total number of shares: 175,831

Shares held: 673

4.   Chief Strategy Officer, Thomas M. Young


Options awarded: 133,000

Restricted Stock Units: 42,831

Total number of shares: 175,831

Shares held: 18,885

For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76

ir@bwenergy.no

About BW Energy:

BW  Energy  is  a  growth  E&P  company with a differentiated strategy targeting
proven offshore oil and gas reservoirs through low risk phased developments. The
Company  has access to existing  FPSOs to reduce time  to first oil and cashflow
with  lower investments than traditional  offshore developments. The main assets
are  73.5% of  the  producing  Dussafu  Marine  Permit offshore Gabon and a 95%
interest in the Maromba field in Brazil, both operated by the Company. Total net
2P+2C reserves were 242 million barrels at the start of 2021.

This  information is subject to the  disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.

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