BW Group FPSO company BW Offshore (BWO) is planning a separate listing in Oslo for its exploration and production (E&P) business.
BW Energy will be set up "with a diversified portfolio of production and development assets," it said.
BWO said there is substantial growth potential with its unique low-risk development strategy supported by its FPSOs, track record and experience
It is in advanced talks for $200m of loans based on the Dussafu field reserves off Gabon.
External investors will be invited into BW Energy, while current investors will maintain a majority shareholding.
Unlocking value?
The listing will be carried out this year to "unlock value that traditional oil and gas companies are not addressing," BWO said.
The move will finance development of the recently acquired Maromba field offshore Brazil - bought from Petrobras and Chevron for $115m - and "value-enhancing investments" at Dussafu.
BW Energy was established in late 2016 and has since developed a portfolio of assets in West Africa and Brazil.
"With BW Energy, we have demonstrated our unique ability to move the threshold for commercial development of discovered resources through use of existing FPSOs, fast-track project execution and properly scaled development concepts," said BWO CEO Carl Arnet.
"We will continue to target robust business opportunities based on proven reserves with sequential growth potential and unlock significant value that traditional oil and gas companies are not addressing."
BWO plans to expand BW Energy's portfolio by transferring its rights to interests in the Maromba field.
Following the transfer, BW Energy will start preparations for the phased development of the Maromba heavy oil discovery.
BWO will also transfer its interest in the Kudu license in Namibia to BW Energy. All of BWO's and BW Group's upstream oil and gas assets will be held through BW Energy following these transfers.
It will be led by a management team consisting of Arnet, COO Lin Espey and CFO Knut Saethre from 1 July.
Arnet and Saethre will step down as CEO and CFO of BWO.
DNB Markets and Pareto Securities will advise on the listing.
BWO's first quarter net profit rose to $36.6m from $18.1m a year ago.
