BW Offshore: Planned listing of BW Energy
23 5월 2019 - 2:30PM
Highlights:
-
Establishing BW Energy as a separate E&P
company with a diversified portfolio of production and development
assets
-
Substantial growth potential with unique
low-risk development strategy supported by BW Offshore's (BWO)
existing FPSOs, track-record and experience
-
In advanced negotiations for USD 200m Reserve
Based Lending facility based on Dussafu reserves, expected to close
in 2019
-
External investors will be invited into BW
Energy, while current shareholders will maintain a majority
shareholding
-
Planned listing of BW Energy on Oslo Stock
Exchange in 2019
Strategic
rationale: Unlocking value that traditional oil & gas companies
are not addressing
BW Offshore plans to establish BW
Energy as a separate E&P company and 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 Energy will have a diversified
portfolio of production and development assets, positioned for
growth based on its unique low-risk development strategy supported
by BWO's existing FPSOs, track-record and experience. BW Energy was
established in late 2016 and has since developed a portfolio of
attractive upstream oil and gas assets in West Africa and
Brazil.
"With BW Energy, we have
demonstrated our unique ability to move the threshold for
commercial development of discovered resources through use of
existing FPSOs, fast-track project execution and properly scaled
development concepts," said Carl K. Arnet, the CEO of BW Offshore.
"We will continue to target robust business opportunities based on
proven reserves with sequential growth potential and unlock
significant value that traditional oil & gas companies are not
addressing."
"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," Carl K. Arnet added.
Attractive assets, rich inventory of exploration
opportunities and experienced organisation
BW Energy will consist
of:
-
73.5% working interest (WI) in the Dussafu Marin
Permit offshore Gabon (owned by the current partnership)
-
56% WI in the Kudu license offshore Namibia
(owned by a subsidiary of BWO)
-
100% WI in the Maromba field offshore Brazil
(owned by a subsidiary of BWO, subject to regulatory
approval)
BW Energy has as operator of the
Dussafu license generated significant value by moving the project
from acquisition, through field development sanctioning and to
successful production in only 18 months at substantially reduced
cost.
Current gross production from the
Dussafu field is around 12,000 barrels of oil per day, expected to
achieve approximately 20,000 barrels of oil per day in 2020 as the
4 new production wells of the phase 2 development are hooked up to
the FPSO. The internal estimated recoverable reserves now stands at
80 MMboe gross including both Tortue and the Ruche discoveries, up
more than 5 times from the sanctioning of the first phase. In
addition, a rich inventory of exploration and appraisal
opportunities represents further material upside potential.
BW Energy has assembled an
experienced E&P organisation, with strong technical and
operational capabilities. Following several operational
achievements at Dussafu, BWO plans to expand BW Energy's portfolio
by transferring its rights to interests in the Maromba field
offshore Brazil. Following the transfer, BW Energy will start
preparations for the phased development of the Maromba heavy oil
discovery which is expected to yield between 100 and 150 MMboe. BWO
will also transfer its interest in the Kudu license in Namibia to
BW Energy. All of BWO's and BW Group's upstream oil & gas
assets will be held through BW Energy following these
transfers.
BW Energy will be led by a
management team consisting of CEO Carl K. Arnet, COO Lin G. Espey
and CFO Knut R. Sæthre with effect from 1 July 2019.
Planned equity
raise and listing on Oslo Stock Exchange
BWO and BW Group will invite
external investors to invest directly in the new entity. BW Energy
targets a listing on Oslo Stock Exchange in 2019 and has retained
DNB Markets and Pareto Securities as financial advisers in this
respect.
To introduce BW Energy, the
company's management will host investor presentations in due
course. The company will provide further updates as
appropriate.
For further information, please contact:
Knut R. Sæthre, CFO, +47 911 17 876
IR@bwoffshore.com or www.bwoffshore.com
About BW Offshore:
BW Offshore is a leading provider of floating production services
to the oil and gas industry. The company also participates in
developing proven offshore hydrocarbon reservoirs. BW Offshore is
represented in all major oil and gas regions world-wide with a
fleet of 15 owned FPSOs. The company has more than 30 years of
production track record, having executed 40 FPSO and FSO projects.
BW Offshore is listed on the Oslo Stock Exchange.
This information is subject to the disclosure
requirements pursuant to section 5 -12 of the Norwegian Securities
Trading Act.
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BW Offshore via Globenewswire
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