Var Energi to Launch IPO and Apply For Oslo Listing
24 January 2022 - 8:35PM
Dow Jones News
By Dominic Chopping
Norwegian oil-and-gas company Var Energi AS said Monday that it
intends to launch an initial public offering of its shares and
apply for a listing on Oslo Bors.
The IPO plan follows an announcement made by shareholders Eni
SpA and HitecVision AS in October of their intention to initiate a
strategic review regarding the future ownership structure of Var
Energi to better pursue future growth and maximize value
creation.
The company said the IPO is expected to consist of a sale of
existing shares held by Eni and HitecVision, who currently own
69.85% and 30.15%, respectively, and is subject to approvals from
Oslo Bors and the Norwegian Financial Supervisory Authority, as
well as prevailing equity capital market conditions.
Eni and HitecVision intend to remain active owners after the
IPO, with Eni intending to retain a majority stake, it said.
Var Energi is an independent oil-and-gas producer that conducts
exploration, development and production activities exclusively on
the Norwegian Continental Shelf. It was founded in 2018 through the
merger of Eni Norge and Point Resources.
The company had total petroleum revenues for the nine months
ending Sept. 30, 2021, of $3.8 billion and earnings before
interest, tax, depreciation and amortization of $2.7 billion. Free
cash flow for the period was $1.6 billion.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
January 24, 2022 04:20 ET (09:20 GMT)
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