BW Energy: Long-Term Incentive Program new awards

The Board of Directors of BW Energy Limited ("BWE" or the "Company") approved the award of share options under a Long-Term Incentive Program (LTIP) to align the interests of the participating employees with those of the Company's shareholders. The LTIP is discretionary, and participants are invited on an annual basis.

The total number of shares awarded under the LTIP for 2026 is 1,120,000, allocated to options that will give the holder the right to acquire one BW Energy share per option. A total of nine BW Energy employees have been invited to participate in the program.

The strike price of the options is calculated based on the volume-weighted average share price five trading days prior to the grant date, plus a premium of 15.75% (corresponding to a 5% increase annually over three years). The strike price for the options awarded on 25 February 2026 is NOK 56.237.

The options will have a vesting period of three years, followed by a three-year exercise period. Options shall be exercisable from vesting to the expiration of the three-year exercise period, other than during any restricted period. The options will expire six years after the award date.

The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.

Following the new awards, the Company will have a total of 6,623,400 outstanding options.

The following primary insiders of the Company have been awarded options under the LTIP for 2026:

1. Chief Executive Officer, Carl K. Arnet has been awarded 500,000 options.

Following the award Carl K. Arnet has a total number of 3,800,000 options.

2. Chief Operating Officer, Brice Morlot has been awarded 125,000 options.

Following the award Brice Morlot has a total number of 250,000 options.

3. Chief Commercial Officer, Thomas Kolanski has been awarded 125,000 options.

Following the award Thomas Kolanski has a total number of 846,500 options.

4. Chief Financial Officer, Thomas M. Young has been awarded 125,000 options.

Following the award Thomas M. Young has a total number of 846,500 options.

5. Chief Technology Officer, Jerome Bertheau has been awarded 125,000 options.

Following the award Jerome Bertheau has a total number of 250,000 options.

For further information, please contact:

Martin Seland Simensen, VP Investor Relations

ir@bwenergy.no

About BW Energy

BW Energy is a fast-growing independent oil and gas company creating value through low-risk, phased developments of proven offshore reservoirs, leveraging existing infrastructure and capital-efficient execution. The company owns and operates production, development and exploration assets in Gabon, Brazil and Namibia. Total net 2P reserves exceed 240 million barrels of oil equivalent, with a further 390 million barrels classified as 2C resources, providing a strong foundation to organically increase production from around 30 kbopd in 2025 to over 100 kbopd in 2028.

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