BW Offshore: Long Term Share Option Programme initiated
08 Aprile 2019 - 3:30PM
The Board of Directors of BW Offshore Limited
("BWO" or the "Company") has approved a long-term share option
programme (LTIP) aimed to align the interests of the participating
employees with those of the Company's shareholders. The programme
is discretionary, and participants are invited on an annual
basis.
The total number of options
awarded under LTIP 2019 is 1.732.000 where each option will give
the holder the right to acquire one BW Offshore share. A total of
45 BW Offshore employees have been invited to participate in the
programme.
The strike price of the options is
calculated based on the volume weighted average share price five
trading days prior to grant date, plus a premium of 15.76%
(corresponding to 5% increase annually over 3 years). The strike
price for the options awarded on 8 April 2019 is NOK 54.69.
The options will have a vesting
period of three years, followed by a three years exercise period.
Exercise windows will be set by the Company. The options will
expire 6 years after the award date.
The Company's exposure relating to
the 2019 award will be hedged by a Total Return Swap (TRS)
agreement with financial exposure to 1.732.000 shares in BWO.
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.
The following primary insiders of
the Company have been awarded options under the LTIP 2019:
-
Chief Operation Officer, Marco Beenen
Options
awarded: 350,000
Shares
held: 37,418
-
Chief Commercial Officer, Rune Ødegaard
Bjorbekk
Options
awarded: 115,000
Shares
held: 147,847
-
Chief Financial Officer, Knut Ruhaven
Sæthre
Options
awarded: 115,000
Shares
held: 150,000
-
Head of Projects, Kei Ikeda
Options
awarded: 115,000
Shares
held: 6,034
-
Head of Asset Engineering & Maintenance,
Hans Kristian Langsrud
Options
awarded: 37,000
Shares
held: 0
-
Head of Human Capital, Pia Margrethe
Schnitler
Options
awarded: 37,000
Shares
held: 155
-
General Counsel, Magda Iqbal Karim Vakil
Options
awarded: 37,000
Shares
held: 14,834 (including ownership of close associate)
-
SVP Finance, Ståle Håkon Andreassen
Options
awarded: 37,000
Shares
held: 229,273
-
Head of Corporate Finance, Anders Stoud
Platou
Options
awarded: 37,000
Shares
held: 0
-
Manager IR & Communications, Una Skram
Holmen
Options
awarded: 19,000
Shares
held: 4,507 (including ownership of close associate)
-
Senior Legal Counsel, Yip Ming Yen
Options
awarded: 19,000
Shares
held: 0
For further information, please contact:
Knut R. Sæthre, CFO, +47 911 17 876
IR@bwoffshore.com or www.bwoffshore.com
About BW Offshore:
BW Offshore is a leading provider of floating production services
to the oil and gas industry. The company also participates in
developing proven offshore hydrocarbon reservoirs. BW Offshore is
represented in all major oil and gas regions world-wide with a
fleet of 15 owned FPSOs. The company has more than 30 years of
production track record, having executed 40 FPSO and FSO projects.
BW Offshore is listed on the Oslo Stock Exchange.
This information is subject to the
disclosure requirements pursuant to section 5 -12 of the Norwegian
Securities Trading Act.
This
announcement is distributed by West Corporation on behalf of West
Corporation 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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