Q3 2017 - Condensed Interim Consolidated Financial Information

(Singapore, 23 November 2017)

- VLGC TCE rates averaged US$15,200 per day, LGC TCE rates averaged US$13,600 per day
- TCE income of US$70.1 million, EBITDA of US$18.1 million and loss after tax of US$26.7 million, resulting in a loss per share of US$0.19
- Established joint venture in India in October 2017
- Signed committed term sheet for US$150m 5-year senior secured term loan in November 2017

EBITDA for the third quarter amounted to US$18.1 million (Q3 2016: US$33.4 million), a decrease of US$15.3 million from the same quarter last year mainly due to a decline in LPG spot rates and lower fleet utilisation. Loss after tax for the quarter amounted to US$26.7 million, primarily due to depressed LPG spot rates and lower fleet utilisation, US$3.0 million in accelerated depreciation of two LGC vessels and a US$2.6 million impairment charge on a vessel that was reclassified to asset held-for-sale. The loss after tax of US$60.4 million in the same quarter last year was mainly due to an impairment charge on vessels and available-for-sale assets of US$60.9 million.

VLGC rates averaged roughly US$21 per ton on the benchmark Baltic route in both July and August before climbing to an average US$25 per ton in September as charterers rushed to secure VLGC freight once Hurricane Harvey passed and LPG exports resumed from the U.S. Gulf Coast. Freight rates have continued rising through the fourth quarter and currently stand at US$31 per ton, driven by the emergence of workable arbitrage economics to ship cargoes to Asian markets and strong Indian LPG demand.

In October 2017, the Company established the previously announced joint venture in India - BW Global United LPG India Private Limited. The two VLGCs owned by the joint venture will be converted to Indian flag to secure Indian business employment.

In November 2017, the Company signed a committed term sheet for a US$150m 5-year senior secured term loan to refinance its existing US$150m unsecured revolving credit facility which matures in March 2018.

Please see attachments for the full quarterly report and presentation.

BW LPG will host a presentation of the financial results at 10.00 AM CET today. The presentation will be made by Martin Ackermann (CEO) and Elaine Ong (CFO).

The presentation will be available via audio webcast which can be accessed at https://edge.media-server.com/m6/p/f4gp6rb8. The webcast will be available on BW LPG's website, www.bwlpg.com after the presentation.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
Email: elaine.ong@bwlpg.com

John Papaioannou / Yen Zhao Yi
Head of Investor Relations and Research
BW LPG Limited
Tel: +65 6705 5514
Email: john.papaioannou@bwlpg.com / zhaoyi.yen@bwlpg.com

About BW LPG

BW LPG is the world's leading owner and operator of LPG vessels. BW LPG currently owns and operates 52 Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC) including two VLGC newbuildings with a total carrying capacity of 4.4 million cbm. With four decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers.

BW LPG is associated with BW Group, one of the world's leading shipping groups. BW Group is involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deep-water production.

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.