May 23, 2019 / 6:31 AM / 25 days ago

UPDATE 1-BW Offshore to spin off upstream unit in IPO

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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 licences 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.

Originally an owner of floating production, storage and offloading (FPSO) vessels operated on behalf of oil companies, BW Offshore has in recent years also built up its own energy business.

“BW Energy ... will invite external investors into the company to finance development of the recently acquired Maromba field offshore Brazil and value-enhancing investments at the Dussafu Marin Permit offshore Gabon,” BW Offshore said.

DNB Markets and Pareto Securities have been retained as financial advisers for the planned IPO on the Oslo Stock Exchange.

BW Offshore’s largest shareholder, owning a 49.9 percent stake, is shipping conglomerate BW Group Limited. (Reporting by Terje Solsvik; editing by Simon Cameron-Moore and Jason Neely)

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