May 23, 2019 / 6:01 AM / 3 months ago

BW Offshore to spin off upstream unit in IPO

OSLO, May 23 (Reuters) - BW Offshore will spin off its upstream oil and gas unit in an initial public offering (IPO) later this year, the Oslo-listed company said on Thursday.

The exploration and production firm, known as BW Energy, has licenses in Gabon, Namibia and Brazil, and will be majority owned by BW Offshore’s existing shareholders, but it will also seek to attract new owners.

Reporting by Terje Solsvik; Editing by Simon Cameron-Moore

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