BW Energy: Mandatory Notification of Trade – Exercise of existing Restricted Share Units (RSUs)
Mandatory Notification of Trade – Exercise of existing Restricted Share Units (RSUs)
Under BW Energy’s Long Term Incentive Plan (LTIP), 171,995 RSUs from the prior years’ grants have been vested and exercised. In accordance with the terms and conditions of the RSUs, the Board of Directors have decided to settle the RSUs in cash. The cash settlement is equal to the number of vested restricted share units multiplied by the closing share price of the share on the stock exchange on which the shares are traded as of the Settlement Date. The share price for each of the exercised RSU is NOK 26.90 (the Settlement price).
The total settlement of the cash amount is allocated as follows:
- Carl K. Arnet, Chief Executive Officer has exercised 86,333 RSUs and will receive NOK 2,322,385 in cash settlement at Settlement Price. Following this, Mr. Arnet controls 3,821,127 shares in the Company and holds 43,167 RSUs and 2,350,000 options.
- Knut R. Sæthre, Chief Financial Officer has exercised 28,554 RSUs and will receive NOK 768,103 in cash settlement at Settlement Price. Following this, Mr. Sæthre controls 100,763 shares in the Company and holds 14,277 RSUs and 446,500 options.
- Thomas Kolanski, Chief Commercial Officer, has exercised 28,554 RSUs and will receive NOK 768,103 in cash settlement at Settlement Price. Following this, Mr. Kolanski controls 873 shares in the Company and holds 14,277 RSUs and 446,500 options.
- Thomas Young, Chief Strategy Officer has exercised 28,554 RSUs and will receive NOK 768,103 in cash settlement at Settlement Price. Following this, Mr. Young controls 37,855 shares in the Company and holds 14,277 RSUs and 446,500 options.
Following this settlement, the Company will have a total of 85,998 outstanding RSUs and 4,670,400 options.
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About BW Energy:
BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95%interest in the Kudu field in Namibia, all operated by BW Energy. Total net 2P+2C reserves and resources were 546 million barrels of oil equivalents at the start of 2023, when including the Golfinho Clusters.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
