Wikborg Rein assisting Seacrest Petroleo on its IPO and Oslo Børs listing
We have assisted Seacrest Petroleo Bermuda Limited on its successful IPO and listing of its shares on the Oslo Børs market Euronext Expand
In connection with the listing, Seacrest Petroleo completed an IPO, consisting of a retail and institutional offering, raising gross proceeds of approximately NOK 2.662 billion. First day of trading was Thursday 23. February 2023 and the share is currently trading at NOK 6 implying a market capitalisation of approximately NOK 3.9 billion or NOK 4.2 billion including over-allotments. This is the first admission of the year on Oslo Børs markets and one of the largest IPOs in Europe so far this year.
ABG Sundal Collier and Pareto Securities acted as joint global coordinators and joint bookrunners, with SpareBank 1 Markets as joint bookrunner, and Banco BTG Pactual and Itau BBA. as international placement agents in the offering. Wakefield Quin acted as Bermuda legal counsel to the Company and Cleary Gottlieb Steen & Hamilton acted as U.S. legal counsel to the Company. Advokatfirmaet Schjødt acted as Norwegian legal counsel to the Managers, MJM acted as Bermuda legal counsel to the Managers, and Simpson Thacher & Bartlett acted as U.S. legal counsel to the Managers.
Seacrest Petroleo is an independent oil and gas production company with an integrated portfolio of onshore producing oil fields and export infrastructure onshore in Espírito Santo, Brazil. After completion of its acquisition of the Norte Capixaba cluster from Petrobras, the company will be the third largest onshore oil and gas producer in Brazil in terms of reserves and production. The fields have estimated oil and gas in place volumes of 1.2 billion barrels of oil equivalents and certified 2P reserves of 140 million barrels of oil equivalents. Current production is 7,000 bbl/d which is expected to triple by 2025. The Company has offices in Bermuda, Norway and Brazil.
The Wikborg Rein core team in connection with the IPO and listing comprised of Christine Strøm, Ole Martin Drevvatne and Dag Erik Rasmussen.