BW Offshore has announced that its exploration and production subsidiary BW Energy plans to commence an IPO on the Oslo Stock Exchange in the first quarter of this year.
According to BW Offshore, the IPO and listing are planned through a combination of a distribution of shares from BW Offshore and a contemplated equity raise of about of $175m. The company will also invite new investors to subscribe for new shares at a valuation of $700-800m.
The net proceeds from the IPO will strengthen the company’s financial position and fund the development of the Maromba field as well as future growth opportunities.
“BW Energy has matured into a full cycle E&P company with competencies covering the full scope of offshore field developments and a clear path to future production growth and value creation,” said Andreas Sohmen-Pao, chairman of the board of BW Energy.
“The disciplined, low-risk strategy enables efficient field developments, both in terms of cost and time to first oil, as well as in terms of our environmental footprint, by addressing already proven reserves and redeployment of existing production units,” he added.
BW Energy was established in late 2016 and has since developed a portfolio of upstream oil and gas assets in West Africa and Brazil.
