BW
Singapore maritime conglomerate BW Group is separating its offshore oil and gas company BW Energy from its shipping businesses as part of a corporate restructuring.
The Andreas Sohmen-Pao-led Group owns nearly 75% of BW Energy following a mandatory offer to purchase shares from its FPSO specialist BW Offshore.
The spinoff will not involve any change to the ultimate control of the Oslo-listed company as Sohmen-Pao will take over the business, BW Group said.
“This restructuring is a technical step with no impact on the business or strategy of BW Energy,” BW Group chairman Sohmen-Pao noted.
The transaction is expected to complete by the end of July this year.
BW Energy started as the E&P division of BW Offshore in 2016 and was listed in Oslo in 2020. The company owns 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.
