BW Offshore: Subscription of Shares in Subsidiary by CEO
11 Marzo 2019 - 12:30AM
Carl Arnet ("CA"), CEO of BW Offshore Limited
("BWO" or the "Company"), has today become the holder of 1% shares
in BW Energy Holdings Pte. Ltd. ("BWEH"), the joint venture company
formed in 2016 by the Company and BW Group Limited ("BW Group") for
the purpose of pursuing oil and gas interests. The new shares in
BWEH were allotted to CA for a total consideration of USD 1.85
million, including a pro rata share of shareholder loans. Following
this transaction, the shareholders of BWEH are: the Company (66%),
BW Group (33%) and CA (1%). Similar to the other shareholders in
BWEH, CA will be obliged to provide continued funding in respect of
BWEH's business and development costs for its projects, whether
through equity or shareholder loans. BW Energy holds the license to
the Dussafu field offshore Gabon.
"Carl Arnet was instrumental in generating this
strategy shift for BWO and we are pleased that he will be directly
financially committed and aligned with the shareholders for the
profitable development of this entity", said BWO Chairman Andreas
Sohmen-Pao.
For further information, please
contact:
Knut R. Sæthre, CFO, +47 911 17 876
About BW Offshore:
BW Offshore is a leading provider of floating production services
to the oil and gas industry. The company also participates in
developing proven offshore hydrocarbon reservoirs. BW Offshore is
represented in all major oil and gas regions world-wide with a
fleet of 15 owned FPSOs. The company has more than 30 years of
production track record, having executed 40 FPSO and FSO projects.
BW Offshore is listed on the Oslo Stock Exchange.
This information is subject to the disclosure
requirements pursuant to section 5 -12 of the Norwegian Securities
Trading Act.
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BW Offshore via Globenewswire
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