As part of an ownership restructuring, BW Group plans to separate its E&P, BW Energy, from its maritime business, according to a May 6 press release.
The restructuring will not involve any change to the ultimate control of BW Energy as the shares currently held by BW Group will be sold to BW Energy Holdings.
BW Group currently owns approximately 191.9 million shares in BW Energy, corresponding to 74.38% of the issued and outstanding shares and voting rights in BW Energy, according to the release.
“Following the completion of the mandatory offer from BW Group and subsequent share acquisition of BW Energy shares from BW Offshore Ltd., this restructuring is a technical step with no impact on the business or strategy of BW Energy,” said BW Group and BW Energy Holdings Chairman Andreas Sohmen-Pao.
The restructuring is expected to be completed by July 31 and the sales price will be the carrying value of the BW Energy shares in BW Group’s books at the time of the transfer.
The Oslo Stock Exchange decided on May 3 to grant an exemption from the mandatory bid obligation for the restructuring under the Norwegian Securities Trading Act.
Recommended Reading
Shell Taps Bloom Energy’s SOEC Technology for Clean Hydrogen Projects
2024-03-07 - Shell and Bloom Energy’s partnership will investigate decarbonization solutions with the goal of developing large-scale, solid oxide electrolyzer systems for use at Shell’s assets.
Plug Power Secures $1.66B Conditional Loan Guarantee from DOE
2024-05-15 - Plug Power said the funds will be used to finance development and construction of up to six green hydrogen production facilities.
Verdagy Awarded $39.6MM DOE Grant for Electrolyzer Production
2024-03-14 - Verdagy will use the Department of Energy grant to accelerate the manufacture of e-dynamic electrolyzers for green hydrogen solutions.
Energy Transition in Motion (Week of March 1, 2024)
2024-03-01 - Here is a look at some of this week’s renewable energy news, including Chevron’s plans for a solar-to-hydrogen facility in California.
Bunge, Chevron Announce FID on Oilseed Processing Plant
2024-03-05 - Bunge Chevron Ag Renewables' facility will be used to manufacture low carbon renewable fuels from oilseed.