OSLO (Reuters) - Norway’s BW Offshore (BWO.OL) will wait for markets to stabilize before launching a planned initial public offering of its oil production arm, BW Energy, an executive said on Thursday.
“We are generally ready to go to the market for a listing... however, looking at the market right now, with everything going on in the macro environment we see that the market isn’t really where it needs to be,” Staale Andreassen, BW Offshore’s chief financial officer, told an investor conference.
“We are not in a need to go for an IPO for the capital, so we want to take our time and wait for the right window before an eventual IPO and capital raise is launched,” he added.
The company has previously said it planned to list BW Energy on the Oslo Stock Exchange in 2019.
Reporting by Victoria Klesty, writing by Nerijus Adomaitis, editing by Terje Solsvik