April 11, 2019 / 2:35 PM / 2 months ago

Norwegian oil firm Okea plans IPO this year

OSLO (Reuters) - Norwegian oil company Okea, partly owned by Thailand’s Bangchak Corporation and private equity firm Seacrest Capital, announced plans on Thursday for an initial public offering on the Oslo stock exchange this year.

Okea said it had hired investment banks Pareto Securities, SEB and Sparebank 1 Markets as global coordinators of the planned listing.

Okea was co-founded by former Norwegian oil minister Ola Borten Moe in 2015 and last year bought stakes in Norway’s Draugen and Gjoea fields for 4.5 billion Norwegian crowns ($528 million) from Shell.

The acquisition, partly financed by Bangchak, gave the company production of around 20,000 barrels of oil equivalent per day.

“The contemplated listing is expected to take place during 2019,” the company said in a statement, adding the it could involve raising capital for itself to pay for additional growth.

Bangchak, a Thai downstream oil and gas firm, owns 49.3 percent of Okea, while Seacrest owns 34.98 percent.

Last September, Okea raised 110 million Norwegian crowns via a private placement.

Okea’s proven and probable petroleum reserves totaled 52.4 million barrels of oil equivalent (mmboe) at the end of 2018, according to its annual report.

Reporting by Nerijus Adomaitis, editing by Terje Solsvik and Susan Fenton

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