Block sale of existing shares in BW Energy Limited by BW Offshore Limited completed
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Reference is made to the stock exchange notice published on 28 October 2021 regarding a potential block sale of existing shares in BW Energy Limited (“BWE” or the “Company”) by BW Offshore Limited (“BWO” or the “Seller”).
BWO has successfully sold 20,000,000 shares in BWE, representing approximately 7.8% of the shares outstanding in BWE, at NOK 28.00 per share (the “Offering”).
Following the Offering, BWO holds 70,840,553 shares in BWE, representing approximately 27.5% of the shares outstanding in BWE. BWO has entered into a 6-month customary lock-up with the Managers on the remaining shares in BWE held by BWO after the Offering.
In February 2020, BWE was spun off from BWO and listed on the Oslo Stock Exchange. BWO is very pleased with the development of BWE into a robust and independent E&P company. However, BWO has decided to divest part of its shareholding in BWE to accelerate growth in core business areas. The net proceeds to BWO from the Offering will be used for further growth opportunities within energy infrastructure, including FPSO and renewable energy investments, as well as other general corporate purposes. BWO will remain a committed and supportive partner to enable BWE to deliver on its growth strategy.
Citigroup Global Markets Limited and Pareto Securities AS acted as Managers in the Offering (the “Managers”).
This information is considered to include inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Una S. Holmen, Senior Manager Sustainability & Communications at BWO, at the date and time as set out above.