Global maritime company BW Group has unveiled plans to separate BW Energy as an oil and gas exploration business from its maritime businesses, as part of corporate restructuring process.
BW Group currently owns 191,903,110 shares in BW Energy, corresponding to 74.38% of the issued and outstanding shares and voting rights in BW Energy.
As part of a corporate restructuring, BW Group is planning to separate BW Energy, as an oil and gas exploration business, from the maritime businesses held by the group.
This will not involve any change to the ultimate control of the business, as the BW Energy shares currently held by BW Group, which is controlled by Andreas Sohmen-Pao through a trust, will be sold to BW Energy Holdings, a company owned and controlled by Sohmen-Pao.
The Oslo Stock Exchange, in its capacity as takeover supervisory authority, has in a decision dated May 3, 2024 resolved to grant an exemption from the mandatory bid obligation pursuant to the Norwegian Securities Trading Act with respect to the restructuring.
The restructuring is expected to be completed by 31 July 2024 and the sales price will be the carrying value of the BW Energy shares in BW Group’s books at the time of the transfer.
“Following the completion of the mandatory offer from BW Group and subsequent share acquisition of BW Energy shares from BW Offshore Limited, this restructuring is a technical step with no impact on the business or strategy of BW Energy,” said Andreas Sohmen-Pao, chairman of BW Group and BW Energy Holdings.
BW Energy is an Oslo-based company, listed on Oslo Stock Exchange since February 2020.
Since its establishment in 2016, the company has diversified its oil and portfolio to include assets offshore West Africa and Brazil. Currently, it holds majority interests in three hydrocarbon licenses in Dussafu, Gabon; Maromba, Brazil; and Kudu, Namibia.