BW Offshore Limited, Kerogen Investments No. 48 Limited, Larochette Invest SARL and certain other existing investors and management shareholders of BW Ideol made a recommended voluntary offer to acquire the remaining 15.3% stake in BW Ideol AS (OB : BWIDL) on November 9, 2023. Under the terms, eligible shareholders of BW Ideol will be offered a cash offer price of NOK 12 per Share and shares on 1:1 basis. The BW Sirocco Holdings AS (Offeror) is a newly incorporated Norwegian private limited liability company established for the purpose of making the Offer, and will, following the completion of the Offer be owned by BW Offshore Limited, Kerogen Investments No. 48 Limited, Larochette Invest SARL and certain other existing investors and management shareholders of BW Ideol (collectively the "Initiating Shareholders"), as well as any BW Ideol shareholders who accept the Share Consideration (as defined below). The Initiating Shareholders hold in aggregate 84.7% of the outstanding Shares of BW Ideol, which is being contributed to the Offeror subject to completion of the Offer. The board of directors of BW Ideol (excluding its members having a conflict of interest with respect to the Offer) (the "Board") have unanimously resolved to recommend the shareholders of BW Ideol to accept the Offer. The transaction is subject to approval of regulatory board. The offer period is expected to commence on or about 14 November 14, 2023, following registration of the Offer Document with the Norwegian Register of Business Enterprises, and end on November 28, 2023. Following the completion of the Offer, the Offeror intends to carry out a compulsory acquisition to acquire the remaining Shares. On November 28, 2023, the Offeror has resolved to extend the Offer Period until 30 November 2023. As of November 30, 2023, The Offer Period expired on 30 November 2023 and at the expiry of the Offer Period Offeror has verification of acceptances, 30,000,561 Shares, representing approximately 95.21% stake. On December 7, 2023, BW Sirocco Holdings AS (Offeror) completed the acquisition of a 95.21% stake in BW Ideol AS. Following the Settlement, and as of today, the Offeror holds in total of 30,000,561 Shares, representing 95.21% of the Shares in BW Ideol. The Offeror intends to exercise its right of compulsory acquisition. As of December 8, 2023, BW Sirocco Holdings AS announced the exercise of the right of compulsory acquisition of the remaining shares in BW Ideol AS.

Danske Bank, Norwegian Branch, is acting as financial advisor to the Offeror and receiving agent for the Offer. Advokatfirmaet Thommessen AS is acting as legal advisor to the Offeror. Carnegie AS is acting as financial advisor to the Board.

BW Offshore Limited, Kerogen Investments No. 48 Limited, Larochette Invest SARL and certain other existing investors and management shareholders of BW Ideol completed the acquisition of the remaining 15.3% stake in BW Ideol AS (OB : BWIDL) on December 11, 2023. The settlement of the acquisition price of NOK 12 per Share takes place on 13 December 2023. As a consequence, the Offeror has assumed ownership of all the shares in BW Ideol. The Offeror will propose to the general meeting of BW Ideol to apply to Oslo Børs for the delisting of the BW Ideol Shares from Euronext Growth. A separate stock exchange announcement will be published regarding the timing of the delisting.