Global maritime company BW Group has announced a corporate restructuring that will see its oil and gas exploration business, BW Energy, become a stand-alone entity.  

BW Group holds 191.9 million shares in BW Energy, equating to 74.38% of the total issued and outstanding shares and voting rights. 

Based in Oslo, BW Energy has been listed on the Oslo Stock Exchange since February 2020. 

Despite the restructuring, there will be no change in the ultimate control of BW Energy.  

The shares currently held by BW Group, under the control of BW Group and BW Energy Holdings chairman Andreas Sohmen-Pao through a trust, will be transferred to BW Energy Holdings, which is also owned and controlled by Sohmen-Pao.  

The transaction is expected to be finalised by 31 July 2024, with the sales price reflecting the carrying value of the BW Energy shares on BW Group’s books at the time of the transfer. 

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Sohmen-Pao said: “Following the completion of the mandatory offer from BW Group and subsequent share acquisition of BW Energy shares from BW Offshore Limited, this restructuring is a technical step with no impact on the business or strategy of BW Energy.” 

Since its inception in 2016, BW Energy has expanded its oil and gas portfolio to include assets in West Africa and Brazil.  

The company’s operations include stakes in several offshore fields, such as 73.5% of the Dussafu Marine licence in Gabon, full ownership of the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, and the same percentage in the Kudu field in Namibia. 

At the beginning of 2024, BW Energy’s total net 2P+2C reserves and resources were 580 million barrels of oil equivalent. 

In March 2024, the company commenced production at the Hibiscus South field within the Dussafu Licence offshore Gabon.