BW LPG (BWLP) CTO discloses three long-term stock option grants

Rhea-AI Filing Summary

BW LPG Ltd Chief Technical Officer Knut-Helge Knutsen filed an initial ownership report showing existing stock option grants. He holds three direct option awards, each tied to 50,812 Ordinary Shares, with exercise prices of $9.48, $12.96, and $19.42 and expirations between 2030 and 2032. Footnotes state the exercise prices are translated from NOK and can be adjusted under the company’s long-term incentive plan to reflect quarterly cash dividends.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Knutsen Knut-Helge

(Last) (First) (Middle)

10 PASIR PANJANG ROAD

(Street)

#17-02 MAPLETREE BUSINESS CITY U0 117438

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
BW LPG Ltd [ BWLP ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Technical Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	03/01/2027	03/01/2030	Ordinary Shares	50,812	$9.48(1)	D
Stock Options	03/01/2028	03/01/2031	Ordinary Shares	50,812	$12.96(2)	D
Stock Options	03/01/2029	03/01/2032	Ordinary Shares	50,812	$19.42(3)	D

Explanation of Responses:

1. Reflects the exercise price as of the date of event of this Form 3, converted from NOK 92.5905 to USD9.4822 based on an exchange rate of NOK 1 to USD0.1024 as of March 13, 2026. Pursuant to the terms of the issuer's Long-Term Incentive Plan, the exercise price is subject to adjustment upon the occurrence of certain events and has been adjusted since the date the options were granted to reflect quarterly cash dividends.

2. Reflects the exercise price as of the date of event of this Form 3, converted from NOK 126.559 to USD12.961 based on an exchange rate of NOK 1 to USD0.1024 as of March 13, 2026. Pursuant to the terms of the issuer's Long-Term Incentive Plan, the exercise price is subject to adjustment upon the occurrence of certain events and has been adjusted since the date the options were granted to reflect quarterly cash dividends.

3. Reflects the exercise price as of the date of event of this Form 3, converted from NOK 189.6346 to USD19.420 based on an exchange rate of NOK 1 to USD0.1024 as of March 13, 2026. Pursuant to the terms of the issuer's Long-Term Incentive Plan, the exercise price is subject to adjustment upon the occurrence of certain events and has been adjusted since the date the options were granted to reflect quarterly cash dividends.

Remarks:

Ex. 24 - Power of Attorney

	/s/ Sharon Tiong, as attorney-in-fact for Knut-Helge Knutsen	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What does BW LPG (BWLP) Chief Technical Officer report in this Form 3?

The filing reports Knut-Helge Knutsen’s existing stock option holdings in BW LPG Ltd. It lists three direct option grants, each linked to 50,812 Ordinary Shares, with specified exercise prices, vesting periods, and long-dated expiration dates under the company’s long-term incentive plan.

How many BW LPG (BWLP) shares are underlying the CTO’s stock options?

Each of the three stock option grants covers 50,812 underlying Ordinary Shares. The filing presents these as separate option positions with different exercise prices and expiration dates, rather than aggregating them, giving a clear view of the equity incentives linked to the Chief Technical Officer role.

What are the exercise prices of the BW LPG (BWLP) CTO’s options?

The options have exercise prices of $9.48, $12.96, and $19.42 per share. Footnotes explain these amounts are converted from Norwegian kroner using a stated exchange rate and are adjustable under the long-term incentive plan to reflect quarterly cash dividends.

When do the BW LPG (BWLP) CTO’s stock options start and stop being exercisable?

The options become exercisable on March 1, 2027, March 1, 2028, and March 1, 2029. They expire on March 1, 2030, March 1, 2031, and March 1, 2032, respectively, providing a long exercise window for each grant.

Are the BW LPG (BWLP) CTO’s options direct or indirect holdings?

All three stock option positions are reported as direct holdings. The filing uses the “D” ownership code and does not reference any trusts, partnerships, or related entities, indicating the options are held directly by Chief Technical Officer Knut-Helge Knutsen.

Do the BW LPG (BWLP) CTO’s option exercise prices change over time?

Yes. Footnotes state the exercise prices are subject to adjustment under the long-term incentive plan. They have already been adjusted since grant to reflect quarterly cash dividends, and are shown in U.S. dollars after conversion from Norwegian kroner at a specified exchange rate.