Plans for an IPO for marginal field-developer BW Energy have been pushed back – and pricing scaled back – in light of financial volatility, blamed on the coronavirus in China.
BW Energy expects to price shares in its IPO at 34.2-36.6 Norwegian krone ($3.74-4), valuing the company at $700-750 million.
BW Offshore intends to hold an IPO of its BW Energy unit, which is producing oil in Gabon, in the first quarter of 2020 on the Oslo Stock Exchange.
Tullow Oil has exercised its back-in right for a 10% stake in Gabon’s Dussafu production-sharing contract (PSC), although the amount payable is under dispute.
BW Offshore plans to double production from the first phase of the Ruche development to 30,000 barrels per day.
BW Offshore’s work on the Hibiscus find suggests it may hold 40-50 million barrels, up from the initial estimate of 12mn barrels.
BW Energy is planning to reach a final investment decision (FID) on its Ruche development, in Gabon’s Dussafu licence, in the last quarter of the year. Further growth is expected to come from August’s Hibiscus discovery. The company continues to hold the Kudu gas project, in Namibia, but like many others before it, progress appears slow.
International maritime services company BW Group today announced that Group CEO Carsten Mortensen has resigned from the company.
BW Offshore said today that the first development well had been completed at the Tortue field, within the Dussafu license, offshore Gabon.
French catering and facilities management firm Sodexo has won two new contracts worth a combined value of £4million.
The floating production, storage and offloading (FPSO) vessel for the Catcher field in the UK North Sea has arrived in the Cromarty Firth.
BW Offshore's subsidiary BWEG today completed its acquisition of Harvest Energia B.V for $32million in cash.
Norwegian ship owner BW Offshore has joined forces with a Chinese financial leasing firm in an effort to make big waves in the FPSO market.
BW Offshore has struck a deal with PPGBV to acquire a 25% working interest in the Dussafu production sharing contract in Gabon.
BW Offshore confirmed an agreement with its insurers for the early repair costs for a FPSO involved in a fatal explosion.
BW Offshore said it will be reducing its onshore headcount by 35% as it looks to make cost savings amid the low oil price.
BW Offshore has received a one year contract extension for the lease and operation of the FPSO Umuroa.
BW Offshore has received a two year contract extension for the lease and operation of the FPSO Polvo.
FPSO operator BW Offshore has suspended its dividend to shareholders until the outlook for the oil sector improves.
BW Offshore said its earnings before tax had been negatively impacted by an accident earlier this year offshore Brazil. The company said the recovery project for the FPSO (Floating Production Storage and Offloading) vessel was still ongoing. In March an explosion on the Cidade de Sao Mateus killed nine of the 74 people on board.
BW Offshore said three remaining crew missing after an explosion had been recovered. The announcement means the total number of fatalities following the incident stands at nine workers. Last month an explosion occurred on Floating Production Storage and Offloading (FPSO) unit Cidade de Sao Mateus.
BW Offshore said six people are now confirmed to have died following an explosion onboard an FPSO (Floating Production, Storage and Offloading ) unit in Brazil. Three crew members are still missing following the incident one week ago with search and rescue operations continuing. Another five personnel are continuing to receive medical attention in hospital, the company said.
BW Offshore has cut its dividend following the decline in oil prices and a fatal accident in Brazil last week. The Norwegian company said it plans a dividend of two US cents per share between October and December. The amount is one cent less than in recent quarters and below expectations for three cents.
Singapore-based Dyna-Mac has been awarded a contract worth a preliminary estimate of $89million to construct FPSO topside modules and one flare tower for BW Offshore. The company’s prepatory work is for the vessel which will operate at Premier Oil’s Catcher oil fields in the North Sea.
BW Offshore has received a one year contract extension for the lease and operation of the FPSO Umuroa. The vessel is operating on the Umuroa field in waters offshore New Zealand for AWE. The contract period will now finish in Q4 2016 instead of Q4 2015.