BW Offshore: Sale of shares in BW Energy to BW Group
January 22 2024 - 1:30AM
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
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