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BW Offshore to launch BW Energy IPO in Q1'20

BW Offshore Ltd. intends to launch an initial public offering for subsidiary BW Energy Ltd.'s new shares at a valuation ranging from $700 million to $800 million within the first quarter of the year.

The BW Energy unit's two main assets are the Dussafu Marine Permit offshore Gabon and the Maromba field in Brazil, according to a Jan. 15 news release. BW Energy owns 73.5% working interest in Gabon's Dussafu Marine Permit and a 95% interest in Brazil's Maromba field development.

The IPO is expected to generate $175 million in proceeds, which will go toward funding BW Energy's production growth, according to the release. The offering will also enable the distribution of BW Energy shares owned by BW Offshore to BW Energy shareholders.

BW Energy expects the 2020 production guidance from the Tortue field in the Dussafu block to hit 17,300 barrels per day to 21,600 bbl/d. The second phase of the Tortue field's development is slated to occur during the first and second quarters of the year. In addition, the company said it is aiming to produce the first oil from the Maromba field by the end of 2022.