Management Share Option Plan “LTIP 2017” – Strike Price for Share Options to CEO

(Singapore, 28 May 2020)

Reference is made to the announcement by BW LPG Limited (“BW LPG”, “the Company”) on 26 May 2020 regarding the award of share options to the CEO under the management share option plan “LTIP 2017”.

The strike price for the options awarded to the CEO shall be equal to the sum of:

(i) the volume weighted average share price quoted on the Oslo Stock Exchange on the first trading day (VWAP) following the release of BW LPG’s Q1 2020 report on 26 May 2020, and

(ii) 16% of the VWAP.

The strike price for the options awarded on 26 May 2020 is NOK 37.10. 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
BW LPG Limited
Tel: +65 6705 5506
Iver Baatvik
Head of Investor Relations
BW LPG Limited
Tel: +65 6705 5519

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, one of the world’s leading shipping groups. BW Group controls a fleet of over 360 ships which includes product tankers, LNG and LPG carriers, floating storage and regasification (FSRU) units, dry cargo carriers, crude oil supertankers and floating production storage and offloading (FPSO) units.
This information is subject to disclosure requirements pursuant to Section 4-2 and Section 5-2 of the Norwegian Securities Trading Act.