BW Offshore Targets First-Quarter IPO For Oil Subsidiary

Law360 (January 15, 2020, 3:40 PM EST) -- Norweigan energy services provider BW Offshore Ltd. said Wednesday it plans to spin off its oil and gas unit BW Energy Ltd. through an initial public offering in the first quarter of 2020 that is expected to value the subsidiary at up to $800 million.

Oslo-based BW Offshore said the IPO is expected to raise about $175 million in fresh capital for BW Energy, money the company is expected to use to develop the Maromba field in Brazil, plus other projects. The actual IPO price and amount of shares to be sold is undetermined.

BW Offshore expects its energy subsidiary to...

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