BW Offshore: Decision related to mandatory offer for all shares in BW Energy from BW Group
January 10 2024 - 5:33AM
BW Offshore: Decision related to mandatory offer for all shares in
BW Energy from BW Group
Decision related to mandatory offer for all shares in BW
Energy from BW Group
Oslo, 10 January 2023 - Reference is made to the announcement
made by BW Group Limited (the "Offeror") on 13 December 2023
regarding the launch of a mandatory offer for all issued and
outstanding common shares of BW Energy Limited ("BW Energy") not
already owned by the Offeror at a price of NOK 27 per share (the
"Offer"), and the offer document for the Offer dated 13 December
2023. BW Offshore Limited ("BW Offshore" or the "Company") owns
58,111,461 (22.52%) shares in BW Energy.
Following the Offeror's announcement on 30 November 2023 of its
intention to launch the Offer, BW Offshore engaged Arctic
Securities AS as its independent financial advisor to assist the
Company in assessing the Offer. Based on careful assessment of the
Offer, and after having taken into consideration valuation advice
received from Arctic Securities AS, BW Offshore's strategy and such
other factors as the Company deemed relevant, BW Offshore has
resolved not to accept the Offer.
Andreas Sohmen-Pao who is the Chairman of the Offeror, the
Company and BW Energy, and Carl Krogh Arnet, CEO of BW Energy and a
board member of the Company, have not participated in BW Offshore's
discussions and decisions relating to the Offer.
For more information:
ir@bwoffshore.com
www.bwoffshore.com
About BW Energy:
BW Energy is a growth E&P company with a differentiated
strategy targeting proven offshore oil and gas reservoirs through
low risk phased developments. The Company has access to existing
production facilities to reduce time to first oil and cashflow with
lower investments than traditional offshore developments. The
Company's assets are 73.5% of the producing Dussafu Marine licence
offshore Gabon, 100% interest in the Golfinho and Camarupim fields,
a 76.5% interest in the BM-ES-23 block in, a 95% interest in the
Maromba field in Brazil and a 95%interest in the Kudu field in
Namibia, all operated by BW Energy. Total net 2P+2C reserves and
resources were 546 million barrels of oil equivalents at the start
of 2023, when including the Golfinho Clusters.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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