BW Offshore announced in January 2020 plans to complete an initial public offering of 68.6% owned E&P company BW Energy with an estimated equity raise of $175 million. BW is targeting a listing on the Oslo Stock Exchange in 1Q 2020 for a valuation of $700-800 million. The two main assets of the company are a 73.5% stake in the Dussafu Marine Permit in Gabon and 95% stake in the Maromba field development in Brazil (post optional farm out). Total net 2P reserves are 274 million barrels of oil per Netherland Sewell.
The listing will include both new shares and distribution of existing shares held by BW Offshore. The company is in process of finalizing a $200 million reserve-based lending facility for Dussafu with four banks and an expected closing in 1Q 2020. Effective from the day of listing, the board of directors of BW Energy will consist of Andreas Sohmen-Pao (BW Group), Marco Beenen (CEO of BW Offshore), Hilde Drønen (independent), Russell Scheirman (independent), and Tormod Vold (independent). The IPO was completed in February 2020 at NOK 1.144 billion.