28 February 2020

BW LPG declares option for additional LPG dual-fuel engines, bringing total investment to twelve

(Singapore, 28 February 2020)

BW LPG announced today that it has exercised another option for the delivery and retrofitting of a further four dual-fuel LPG propulsion engines. With this, BW LPG has committed to retrofit 12 of its Very Large Gas Carriers (VLGCs) with pioneering LPG propulsion technology.

This announcement follows a press release dated 30 August 2018, where BW LPG announced a world’s first initiative to deliver and retrofit four LPG dual-fuel engines in its fleet, and 10 February 2020, where it subsequently exercised an option for an additional four dual-fuel engines on the back of stronger-than-expected performance during rigorous type-approval tests.

Says Anders Onarheim, BW LPG CEO, “The Board and Management at BW LPG continue to emphasize a deep corporate commitment to sustainable development. For us, as the world’s largest owner and operator of VLGCs, this means that we invest significant resources and expertise to pioneer technology that can be used to push our industry towards decarbonization without the need for dedicated newbuilding orders. We thank our industry partners who have worked in close collaboration with us to ensure that this pioneering technology is safe and reliable for implementation”.

Delivery and retrofitting of these 12 dual-fuel engines into BW LPG’s fleet will begin as planned in 2020 and will be completed in 2H 2021.

For further information on the benefits of LPG as a marine fuel, visit https://www.bwlpg.com/our-fleet/lpg-propulsion. To reference our previous press releases on dual-fuel engines, visit https://www.bwlpg.com/investor-centre/press-releases.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506

E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Investor Relations
BW LPG Limited
Tel: +65 6705 5519

E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world's leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, one of the world's leading shipping groups. BW Group controls a fleet of over 360 ships which includes product tankers, LNG and LPG carriers, floating storage and regasification (FSRU) units, dry cargo carriers, crude oil supertankers and floating production storage and offloading (FPSO) units.

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