The BW group is planning to list Bergesen Worldwide Offshore (BW Offshore) on the Oslo Stock Exchange (OSE) within second quarter 2006. The company marketed a private placement of USD 200 million last week that was oversubscribed 11 times. Due to the substantial investor interest in the private placement, the planned IPO of USD 100 million in May has been withdrawn and the company has decided to raise the size of the equity issue from USD 200 million to USD 300 million. Through the USD 300 million primary issue, the company has completed its planned equity financing ahead of the Oslo Stock Exchange listing. There will be approximately 40% free float following the private placement.
BW Offshore, a leading provider of oil and gas FPSOs (Floating Production, Storage and Offloading units) is considering a listing on the OSE within the coming twelve months. "The BW group is committed to growth in this sector," says Andreas Sohmen-Pao, Chairman of BW Offshore. "A listing will provide the offshore business with access to capital required to fund our strong growth. A listing will also better enable us to participate in expected industry consolidation. Following the successful listing of BW Gas in Oslo last year, this is a natural continuation of our group's involvement in the capital markets and a confirmation of our strong commitment to the Norwegian shipping and offshore cluster".
CEO Svein Moxnes Harfjeld comments: "Oil companies are now making substantial investments in exploration and production. FPSOs are one of the most effective solutions for oil and gas production offshore in both deepwater and remote locations, and we expect continued strong demand. BW Offshore has a highly competent organization capable of meeting market growth and customer demand. The company has a solid portfolio of long-term contracts, where the producing assets are providing strong cash flow and solid earnings. At the same time, BW Offshore has several capital intensive projects under conversion while we are also pursuing a number of attractive prospects that will provide further growth".
BW Offshore has some 10 years experience as an FPSO player. The company has a strong presence in the growing West African market and has been a front-runner in many respects. BW Offshore was the first company to introduce an LPG FPSO and has the first and only arctic FSO with the FSO Belokamenka offshore Murmansk. BW Offshore will also be the first to introduce an FPSO in the Gulf of Mexico where the ULCC BW Enterprise will process approximately 15-20% of Mexico's total oil production. Since starting in 1997, BWO has successfully completed 11 FPSO/FSO projects, all on time and on budget.
Company information
BW Group
BW Offshore is part of the BW Group, one of the world's leading maritime groups in the tanker, bulk, gas and offshore segments. Through its predecessor companies, Bergesen and World-Wide Shipping, the BW Group has been delivering energy and other vital commodities for a combined 120 years. In addition to its floating oil and gas production capabilities, it controls a fleet of over 135 vessels involved in the transportation of crude oil, gas (LNG and LPG) and dry bulk commodities.
The group recently re-branded and re-structured under a single BW brand. The group is now divided into four distinct business areas: BW Offshore, BW Tankers, BW Gas and BW Bulk. A global network of affiliate offices supports these businesses.
For more information, please visit www.bergesenworldwide.com
BW Offshore
BW Offshore was demerged from Bergesen d.y. ASA in 2005. BW Offshore's business comprises a fleet of five oil and gas FPSOs (including projects under conversion), one Arctic FSO (Floating Storage and Offloading unit) and one conversion hull (ULCC). The company currently operates its units in Russia, Mexico, Mauritania, Nigeria and Equatorial Guinea. Furthermore, the company has a strategic alliance with MISC (Malaysia International Shipping Corp., one of the largest shipping/energy groups in Asia) in Malaysia.
BW Offshore's activities will continue to be managed from Norway.
For more information, please visit www.bwoffshore.com
For further information, please contact:
For BW Offshore
Mr. Svein Moxnes Harfjeld
CEO
BW Offshore
Tel: +47 2212 0400
Fax: +47 2212 0401
Mobile: +47 4140 4886
svein.moxnes.harfjeld@bwoffshore.com
Mr. Svein Moxnes Harfjeld
CEO
BW Offshore
Tel: +47 2212 0400
Fax: +47 2212 0401
Mobile: +47 4140 4886
svein.moxnes.harfjeld@bwoffshore.com