As part of an ownership restructuring, BW Group plans to separate its E&P, BW Energy, from its maritime business, according to a May 6 press release.
The restructuring will not involve any change to the ultimate control of BW Energy as the shares currently held by BW Group will be sold to BW Energy Holdings.
BW Group currently owns approximately 191.9 million shares in BW Energy, corresponding to 74.38% of the issued and outstanding shares and voting rights in BW Energy, according to the release.
“Following the completion of the mandatory offer from BW Group and subsequent share acquisition of BW Energy shares from BW Offshore Ltd., this restructuring is a technical step with no impact on the business or strategy of BW Energy,” said BW Group and BW Energy Holdings Chairman Andreas Sohmen-Pao.
The restructuring is expected to be completed by July 31 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.
The Oslo Stock Exchange decided on May 3 to grant an exemption from the mandatory bid obligation for the restructuring under the Norwegian Securities Trading Act.
Recommended Reading
US Geothermal Sector Gears Up for Commercial Liftoff
2024-04-17 - Experts from the U.S. Department of Energy discuss geothermal energy’s potential following the release of the liftoff report.
Devon Energy Leads $244MM Funding Round for Fervo Energy
2024-02-29 - The funds will finance Fervo Energy’s next phase of growth as it puts to use oil and gas technology and techniques to scale geothermal energy.
Quaise Energy Raises $21MM Toward Deep Geothermal Operations
2024-03-12 - Quaise Energy will utilize a technique to vaporize rock using high-power microwaves to achieve deep geothermal energy globally.
Sinopec Completes Drilling of China’s Deepest Geothermal Well
2024-04-11 - Sinopec said the Fushen-1 Well was drilled to a depth of 5,200 meters.
Sage Geosystems Advances Commercial-scale Energy Storage Facility
2024-05-02 - The 3-megawatt facility in Texas is expected to become the world’s first commercial geopressured geothermal system when it’s commissioned in December.