BW Group is planning to separate BW Energy, as an oil & gas exploration business, from the maritime businesses held by BW Group, as part of a corporate restructuring, the company said in a filing.
BW Group currently owns 191,903,110 shares in oil and gas company BW Energy Limited, corresponding to 74.38% of the issued and outstanding shares and voting rights in BW Energy.
As it is reported by BW Energy, in an investors filing, “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 Limited (BW Energy Holdings), a company owned and controlled by Andreas Sohmen-Pao.”
Andreas Sohmen-Pao, chairman of BW Group and BW Energy Holdings, said: “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.”
The restructuring is expected to be completed by July 31, 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.
To remind, the BW Energy’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy.
Source: BW Energy original press release can be found here. These news are for information purposes only and do not constitute or replace professional advice. Pls see our disclaimer here.
