BW Offshore to Spin off BW Energy
Singapore’s BW Offshore plans to spin off BW Energy as a separate E&P company to finance development of the recently acquired Maromba field offshore Brazil and the Dussafu Marin permit offshore Gabon, BW Offshore said May 23.
BW Energy, established in late 2016, has since developed a portfolio of upstream oil and gas assets in West Africa and Brazil.
“We have proven the attractiveness of our field development strategy with the Dussafu development. Our E&P activities now have a scale where it is natural to invite external investors to add to BW Energy's project execution capacity and growth potential,” said BW Offshore CEO Carl Arnet.
BE Energy will consist of 73.5% working interest in the Dussafu Marin Permit offshore Gabon, 56% working interest in the Kudu license offshore Namibia (owned by a subsidiary of BW Offshore) and 100% working interest in the Maromba field offshore Brazil (owned by a subsidiary of BW Offshore). All of BW Offshore's and BW Group's upstream oil and gas assets will be held through BW Energy.
BW Offshore and BW Group will invite external investors to invest directly in the new entity. BW Energy is targeting a listing on Oslo Stock Exchange in 2019, BW Offshore said.