GlobeNewswire by notified

Restructuring of ownership in BW Energy Limited and exemption from the mandatory offer obligation

Share

Restructuring of ownership in BW Energy Limited and exemption from the mandatory offer obligation

As previously disclosed, BW Group Limited ("BW Group") currently owns 191,903,110 shares in BW Energy Limited ("BW Energy"), corresponding to 74.38% of the issued and outstanding shares and voting rights in BW Energy.

As part of a corporate restructuring, BW Group is planning to separate BW Energy, as an oil & gas exploration business, from the maritime businesses held by BW Group.  This will not involve any change to the ultimate control of the business, as the BW Energy shares currently held by BW Group (which is controlled by Andreas Sohmen-Pao through a trust) will be sold to BW Energy Holdings Limited (“BW Energy Holdings”), a company owned and controlled by Andreas Sohmen-Pao (the "Restructuring").

The Oslo Stock Exchange, in its capacity as takeover supervisory authority, has in a decision dated 3 May 2024 resolved to grant an exemption from the mandatory bid obligation pursuant to section 6-2 (3) of the Norwegian Securities Trading Act with respect to the Restructuring.

Chairman of BW Group and BW Energy Holdings Andreas Sohmen-Pao comments: “Following the completion of the mandatory offer from BW Group and subsequent share acquisition of BW Energy shares from BW Offshore Limited, this restructuring is a technical step with no impact on the business or strategy of BW Energy.”

The Restructuring is expected to be completed by 31 July 2024 and the sales price will be the carrying value of the BW Energy shares in BW Group’s books at the time of the transfer.

Sebastien Brochet, Group CFO

BW Group Limited


About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 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, all operated by BW Energy. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalents at the start of 2024.

This information is subject to the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Selskabsmeddelelse nr. 6, 2023/2430.5.2024 11:15:00 CEST | pressemeddelelse

Investeringsselskabet Luxor A/S’ bestyrelse har dags dato godkendt halvårsrapport pr. 31. marts 2024. 2. kvartal 2023/24: Basisindtjeningen er kr. 10,0 mio. (kr. 12,2 mio.). Resultat før skat er kr. 14,1 mio. (kr. 12,1 mio.). Kvartalets resultat før skat er kr. 4,1 mio. højere end basisindtjeningen, hvilket skyldes:kr. 2,5 mio. fra dagsværdiregulering af finansielle aktiver. kr. 1,6 mio. fra dagsværdiregulering af renteswaps og gæld til realkreditinstitutter. Halvåret 2023/24: Basisindtjeningen er kr. 21,9 mio. (kr. 21,7 mio.). Koncernens resultat før skat er kr. 12,9 mio. (kr. 20,3 mio.). Halvårets resultat er kr. 9,0 mio. lavere end basisindtjeningen, hvilket skyldes: kr. 5,3 mio. fra dagsværdiregulering af finansielle aktiver. kr. -14,3 mio. fra dagsværdiregulering af renteswaps og gæld til realkreditinstitutter samt omkostninger til optagelse af realkreditlån. Forventet basisindtjening 2023/24: For regnskabsåret 2023/24 forventes på indeværende tidspunkt en basisindtjening i niveau

Prosafe SE: Prosafe issued Conditional Letter of Intent for Safe Boreas30.5.2024 11:08:50 CEST | Press release

Oslo, 30 May 2024 Prosafe has been issued a Conditional Letter of Intent (CLoI) for the Safe Boreas to provide gangway connected operations to support a project off the coast of Western Australia. The CLoI is conditional upon execution of a final contract. The firm duration of the contract linked to the CLoI is 15 months with up to six months of options. The Safe Boreas will mobilise from the North Sea within Q2 2025. Safe Boreas will undergo its five-yearly special periodic survey and other maintenance works prior to commencement of the contract. The value of the contract linked to the CLoI is approximately USD 75 million to USD 100 million depending on options. The Safe Boreas is one of the world’s most advanced and versatile semi-submersible DP-3 accommodation vessels and complies with stringent rules in Australia, Norway and UK. Single person cabins, extensive recreation facilities, combined with a large deck area, cranes and passive motion compensated gangway will ensure the highe

Fortuna publishes its 2023 Sustainability Report30.5.2024 11:00:00 CEST | Press release

VANCOUVER, British Columbia, May 30, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM | TSX: FVI) is pleased to announce the publication of its sixth annual sustainability report which details the Company’s performance on key environmental, social, and governance (ESG) indicators during 2023. The report also includes dedicated sections on Fortuna’s sustainability management and initiatives at each of the Company’s operating mines as well as the contributions made within the countries that host our operations in the Latin America and West Africa regions. Also included is an ESG data section containing disclosure under sustainability accounting Standards Board (SASB) Metals and Mining Standard, the Task Force on Climate-Related Financial Disclosures Recommendations (TCFD), and the Global Reporting Initiative (GRI) standard. Jorge A. Ganoza, President and CEO of Fortuna, commented, “In 2023, we have made significant progress with respect to tailings management, climate change

Scape Technologies A/S – forløb af ordinær generalforsamling30.5.2024 10:57:49 CEST | pressemeddelelse

Nasdaq First North Growth Market Denmark Selskabsmeddelelse nr. 69/2024 Odense, 30. maj 2024 Scape Technologies A/S – forløb af ordinær generalforsamling Der er i dag afholdt ordinær generalforsamling i Scape Technologies A/S med følgende dagsorden: 1. Valg af dirigent 2. Fremlæggelse af den reviderede årsrapport til godkendelse 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport 4. Valg af medlemmer til bestyrelsen 5. Valg af revisor 6. Eventuelle forslag fra bestyrelse og aktionærer Forslag om afnotering fra Nasdaq First North Growth Market DenmarkForslag om nedsættelse af aktiekapitalen Selskabets aktionærer godkendte årsrapporten og den foreslåede resultatdisponering. Bestyrelsens medlemmer blev genvalgt. Selskabets revisor, Deloitte Statsautoriseret Revisionspartnerskab, blev genvalgt. Generalforsamling godkendte afnotering af selskabets aktier fra Nasdaq First North Growth Market Denmark. Selskabet vil nu anmode Nasdaq First N

HiddenA line styled icon from Orion Icon Library.Eye