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1-Norwegian oil firm okea plans Oslo listing within 12 months

September 07/ 14:12

Oslo. Norwegian oil company Okea plans an initial public offering (IPO) in Oslo within the next 12 months, the firm backed by Seacrest Capital said on Friday. A number of private-equity-backed firms, including Chrysaor, Neptune and Siccar Point, have entered the North Sea oil and gas sector since the oil market’s 2014 downturn.

They have acquired portfolios from energy companies such as Shell, Engie and OMV.

Okea, co-founded by former Norwegian oil and energy minister Ola Borten Moe in 2015, agreed in June to acquire stakes in Norway’s Draugen and Gjoea fields from Shell for 4.5 billion Norwegian crowns ($535 million).

The acquisition gave the company production of around 20,000 barrels of oil equivalent per day, reports Reuters.

“The Shell acquisition transforms Okea and puts the company in a strong position to execute on its organic growth strategy and pursue further M&A opportunities,” Chief Executive Erik Haugane said in a statement on Friday.

The transaction was partly funded by a one billion crown commitment from majority owner Seacrest Capital Group and co-investor Bangchak Corporation.

Okea on Friday also said it would raise $13.1 million via a private placement to finance working capital prior to closing the acquisition.

Pareto Securities AS and SpareBank 1 Markets AS are acting as managers and bookrunners for the private placement.

Okea also holds a tiny stake in Aker BP’s Ivar Aasen field, a 15-percent stake in Repsol’s Yme field and a 70 percent stake in the Grevling discovery.

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