BW Offshore is pleased to announce that the company plans to drill an additional appraisal well to test one of several prospects that have been mapped in the Ruche area, within the Dussafu Licence, offshore Gabon.

The drilling campaign on the Ruche North East prospect is planned to commence mid-2018, following completion of the two production wells and the appraisal well at the Tortue field.

The objective of the appraisal well is to identify additional resources in the greater Ruche area, which will be aggregated with the existing Ruche discoveries and form the basis for future development phases.

"The planned well offers an attractive risk-reward profile. The Borr Norve drilling rig is already nearby and available, allowing us to spread mobilisation costs across additional wells. Data from the 2016 site survey at the Ruche North East location points to a good probability of success," said Carl K. Arnet, the CEO of BW Offshore. "The location adjacent to an existing discovery to facilitate a development is another important reason to drill the well."

For further information, please contact: 
Knut R. Sæthre, CFO, +47 911 17 876 
IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore has a fleet of 15 FPSOs and one FSO represented in all major oil & gas regions world-wide. BW Offshore has a long track record on project execution and operations. In more than 30 years of production, BW Offshore has executed 39 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange.

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


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BW Offshore via Globenewswire
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