As part of an ownership restructuring, BW Group plans to separate its E&P, BW Energy, from its maritime business, according to a May 6 press release.
The restructuring will not involve any change to the ultimate control of BW Energy as the shares currently held by BW Group will be sold to BW Energy Holdings.
BW Group currently owns approximately 191.9 million shares in BW Energy, corresponding to 74.38% of the issued and outstanding shares and voting rights in BW Energy, according to the release.
“Following the completion of the mandatory offer from BW Group and subsequent share acquisition of BW Energy shares from BW Offshore Ltd., this restructuring is a technical step with no impact on the business or strategy of BW Energy,” said BW Group and BW Energy Holdings Chairman Andreas Sohmen-Pao.
The restructuring is expected to be completed by July 31 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.
The Oslo Stock Exchange decided on May 3 to grant an exemption from the mandatory bid obligation for the restructuring under the Norwegian Securities Trading Act.
Recommended Reading
E&P Highlights: April 29, 2024
2024-04-29 - Here’s a roundup of the latest E&P headlines, including a new contract award and drilling technology.
US Gas Rig Count Falls to Lowest Since January 2022
2024-03-22 - The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.
US Oil, Gas Rig Count Rises to Highest Since September: Baker Hughes
2024-03-01 - The U.S. oil and natural gas rig count is at its highest since September 2023.
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
2024-04-05 - The oil and gas rig count, an early indicator of future output, fell by one to 620 in the week to April 5, the lowest since early February.