Italy's Eni and Norway's HitecVision completed the sale of a 5% stake in Norwegian oil firm Vaar Energi worth $530 million, the Italian energy group said on June 9.
Vaar, whose shares dropped 9% in morning trade, listed in February and was the largest dedicated oil E&P company to list globally in almost a decade.
Since the initial public offering, which valued the group at 69.9 billion Norwegian crowns ($7.37 billion), its Oslo-listed shares have climbed by about 50%.
"The excellent trend in the share performance of Vaar Energi... has unlocked the opportunity to place on the market additional shares thus increasing the liquidity on the stock and further consolidating and expanding the shareholder base of institutional investors," Eni CFO Francesco Gattei said in a statement.
Eni and investment firm HitecVision sold respectively a 1.2% and 3.8% stake in Vaar Energi, through an accelerated book-building process, for 40.2 Norwegian crowns per share.
After the placement, the free float of Vaar increased to around 16.2% from 11.2%. Eni's stake in Vaar was 63.1% and HitecVision held 20.8%.
Recommended Reading
Utica Oil E&P Infinity Natural Resources Latest to File for IPO
2024-10-05 - Utica Shale E&P Infinity Natural Resources has not yet set a price or disclosed the number of shares it intends to offer.
Talos Energy CEO Tim Duncan Steps Down; Mills to Take Helm
2024-08-30 - An analyst said Talos Energy President and CEO Tim Duncan was forced out over share price performance, although other factors may have played a role.
Wildcatter at Heart: Autry Stephens (1938-2024)
2024-08-18 - Legendary wildcatter Autry Stephens, founder and chairman of Midland Basin E&P Endeavor Energy Resources, stayed true to his “never sell” strategy.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Exxon, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.