BW Offshore: Sale of shares in BW Energy to BW Group
BW Offshore: Sale of shares in BW Energy to BW Group
Oslo, 22 January 2024 – BW Offshore Limited (“BW Offshore” or the “Company”) has today entered into an agreement with BW Group Limited (“BW Group”) to sell all of BW Offshore’s shares in BW Energy Limited (“BW Energy”). BW Offshore will sell 58,111,461 (22.52%) shares in BW Energy at a price of NOK 32 per share, resulting in total proceeds to BW Offshore of NOK 1,860 million or approximately USD 176 million.
The decision was taken by the independent directors of BW Offshore after assessing the Company’s strategy and other relevant factors, including external valuation advice. As previously communicated, BW Offshore does not consider the shareholding in BW Energy to be a long-term strategic investment.
CEO of BW Offshore Marco Beenen states: “We are pleased to have obtained a price for BW Energy that is close to the highest that the shares have historically traded, which became possible following the outcome of BW Group’s mandatory offer resulting in BW Group holding approximately 52% of BW Energy. This transaction strengthens our balance sheet and allows the continuation of a sustainable dividend that can potentially grow over time”.
Chairman of BW Group Andreas Sohmen-Pao comments: “Under BW Offshore’s current dividend policy, it would have taken over 7 years to distribute BW Offshore’s stake in BW Energy. This transaction clears a significant overhang on BW Energy shares, and we look forward to continued efforts to build the company and unlock shareholder value.”
Completion of the transaction is expected to occur on or around 25 January 2024.
For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
IR@bwoffshore.com or www.bwoffshore.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Kathrine Johanne Rane on 22 January 2023 at 07:30 CET.
About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 5 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,400 employees and is publicly listed on the Oslo stock exchange.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
