09 March 2021

BW LPG Management Share Option Plan “LTIP 2017” – Strike Price for 2021 Award of Options

(Singapore, 9 March 2021)

Reference is made to the announcement by BW LPG Limited (“BW LPG”, “the Company”, OSE ticker code “BWLPG.OL") on 1 March 2021 regarding the 2021 award of share options under the Management Share Option Plan “LTIP 2017”: https://bit.ly/3v2hjV3.

The strike price for the options awarded in 2021 shall be equal to the sum of:
(i) the volume weighted average share price quoted on the Oslo Stock Exchange over the five trading days (VWAP) following the release of BW LPG’s Q4 2020 report on 1 March 2021, and
(ii) 16% of the VWAP.

The strike price for the options awarded on 1 March 2021 is NOK 56.98. In the event dividends or other distributions in cash or in kind are made, the strike price for the awarded options shall be reduced with an amount equal to the NOK value distributed per share over the period until the options are exercised.

The options will have a vesting period of three years from being awarded and may then be exercised in a period of three additional years. The options are non-tradable and conditional upon the option holder being employed by the Company or its subsidiaries and not having resigned or being terminated for cause prior to the vesting date.


For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
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, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. BW Group controls a fleet of over 420 ships transporting crude oil, oil products, and dry commodities, and comprises one of the largest gas fleets in the world with over 190 LNG and LPG vessels.

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