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.