27 May 2021

BW LPG Limited (BWLPG): Block sale of existing shares completed

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR IN ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Singapore - 27 May 2021.

Reference is made to the stock exchange notice published on 26 May 2021 regarding a potential block sale of existing shares in BW LPG Limited (the “Company”) by BW Group Limited (the “Seller”).

Following the above announcement, the Seller resolved to only sell 5,800,000 shares in the Company in order to retain flexibility and stay above the 40% mandatory offer threshold.

The Seller has successfully sold 5,800,000 shares in the Company (equal to approx. 4.09% of the Company’s shares outstanding) at NOK 60.00 per share (the “Offering”).

Following the Offering, the Seller holds 56,807,126 shares in the Company (equal to approx. 40.02% of the Company’s shares outstanding). The Seller has entered into a 90-day customary lock-up with the Managers on the remaining shares in the Company held by the Seller after the Offering.

The Seller has increased its shareholding in the Company over the past 15 months. The purpose of the Offering was to return free float to the market and facilitate further liquidity in the Company’s share. The Seller will remain a large and long-term shareholder in the Company post Offering and is very positive about the LPG market fundamentals.

The Seller is represented in the Company’s Board of Directors, by Mr. Andreas Sohmen-Pao, and is thus defined as a primary insider subject to disclosure duties under the Norwegian Securities Trading Act Section 4-2.

Arctic Securities AS and Pareto Securities AS acted as managers in the Offering.