Sohmen-family interests, owner of the large World-Wide tanker fleet, acquired Bergesen d.y. ASA in April 2003. The new owners de-listed Bergesen in the summer of that year and then proceeded to consolidate their interests in the two businesses by setting up Bergesen Worldwide Ltd. as a new holding company for the two shipping groups.

In this process, Bergesen then sold its remaining tankers to World-Wide companies and retained the gas (LPG and LNG), dry bulk and offshore (FSO/FPSO) businesses.

During the autumn of 2005, Bergesen was restructured by separating out its offshore and dry bulk businesses into stand-alone entities within the Bergesen Worldwide group. The offshore operations were sold to the newly incorporated Bergesen Worldwide Offshore group. The offshore activities continues to be managed from Norway by BW Offshore.

Bergesen's dry bulk fleet was also transferred (by sale and de-merger) to the private sphere of the Bergesen Worldwide Group. The gas segment, with the world's largest gas fleet, remained in Bergesen. The company was renamed Bergesen Worldwide Gas ASA and was listed on the Oslo Stock Exchange on 25 October, 2005. In line with a group rebranding in 2007, Bergesen Worldwide Gas changed name to BW Gas. In April 2006, BW Gas entered into an agreement with fertiliser company Yara to take over its ammonia fleet consisting of ten vessels.

BW Gas was redomiciled to Bermuda in July 2008. A new holding company, BW Gas Limited, was established in April 2008 and this company made a voluntary exchange offer for all outstanding shares in BW Gas ASA in May. The shareholders were extended an offer to exchange each share in BW Gas ASA for one new share in BW Gas Limited. BW Gas Limited was listed on the Oslo Stock Exchange on 11 July, followed by the delisting of BW Gas ASA on 30 July. The company continues to operate out of Oslo and now has a similar structure to BW Offshore.