BW OFFSHORE: REVERSE SHARE SPLIT
November 28 2016 - 1:31AM
28 November 2016: BW Offshore
Limited (the "Company") hereby announces that the Company's board
of directors (the "Board of Directors") has resolved to carry out a
reverse share split of the Company's common shares (the "Reverse
Share Split"). The Reverse Share Split is carried out to ensure
compliance by the Company with section 2.4 of the Oslo Børs'
continuing obligations relating to the minimum market value of NOK
1.00 on issued shares.
The Reverse Share Split will
comprise of a consolidation of the common shares of the Company
such that every 50 common shares in issue and authorized but
unissued of par value US$0.01 shall be consolidated into 1 common
share of par value US$0.50.
The Company will procure that all
shareholders will receive a whole number of common shares through
an issue of fractions of common shares out of its authorised, but
unissued share capital in accordance the bye-laws of the Company,
in order to round up to the nearest whole number any and all
fractions of the common shares issued and outstanding following the
Reverse Share Split.
Information regarding key dates for the Reverse
Share Split will be published in a separate announcement.
For further information, please
contact:
IR@bwoffshore.com
About BW Offshore:
BW Offshore is a leading global
provider of floating production services to the oil and gas
industry. BW Offshore is the world's second largest contractor with
a fleet of 14 FPSOs represented in all major oil 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 38 FPSO and FSO projects. The company is
listed on the Oslo Stock Exchange. Further information is also
available on www.bwoffshore.com
This information is subject of 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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