Norway’s PE-Backed Okea Prepares for IPO

摘要

Norway’s private-equity-backed Okea has retained Pareto Securities,SEB(Skandinaviska Enskilda Banken)and SpareBank 1 Markets as joint global coordinators in relation to its potential listing on the Oslo Stock Exchange.”The contemplated listing is expected to take place during 2019 and could involve Okea raising new equity to finance additional growth,”the company said on Thursday(IOD Sep.10’18).Okea was formed in 2015 by ex-Norwegian Petroleum and Energy Minister Ola Borten Moe and industry veteran Erik Haugane and is backed by Bermuda-based Seacrest Capital Group.Okea co-founder and Seacrest partner Paul Murray said the potential initial public offering(IPO)was a significant milestone.”This is the logical next step in the company’s growth trajectory following Okea’s transformational acquisition of Shell’s working interests in the Draugen and Gjoa fields,which significantly increased Okea’s production,reserves and operational capability.”Okea is among a host of PE-backed players that have entered both the Norwegian and UK offshore sectors since the oil price downturn in 2014,offering to breathe new life into producing assets being sold off by legacy operators.