(Source: Shutterstock.com)
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.
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