Takes OKEA public

Erik Haugane and Ola Borten Moe is raising 110 million dollars through Private Placement and aims to take the company public within 12 months.

In June 2018, OKEA announced the transformative NOK 4.5bn acquisition of A/S Norske Shell’s 44.56% working interest in the operated Draugen field and 12% interest in the non-operated Gjøa field (the “Shell Acquisition”).

The capital acquired trough the Private Placement will be used for working capital prior to closing the Shell Acquisition, OKEA writes in the stock market release. The contemplated Private Placement will enable the employees and other existing shareholders in OKEA to participate in the financing of the Shell Acquisition at similar terms as the Equity Commitment, and will also be open to new investors in order to further strengthen OKEA’s shareholder base ahead of the intended IPO.

OKEA’s CEO Erik Haugane, said “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. OKEA has ambitious targets for increased efficiencies and reduced development costs on NCS, and is determined to be an active owner and operator, creating value for OKEA, its partners and the Norwegian state. The decision to IPO marks a new and exciting chapter for OKEA and we are pleased to offer our supportive existing investors and the public the opportunity to participate in the Private Placement before we go public on the Oslo Stock Exchange. Through co-founding Aker BP and leading the company through its early-day growth phase, OKEA’s management team has extensive experience from the public market and we are certain that a listing will enhance our ability to execute on OKEA’s strategy and create value for our shareholders”.

 

 

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