Mon 20 Sep 2010 07:04

Statoil hires IPO managers - sources


Companies hired to manage the IPO of Statoil's fuel and retail unit.



Norway’s largest oil company, Statoil ASA, is reported to have hired ABG Sundal Collier Holding ASA, Citigroup Inc. and Bank of America Corp. to manage the initial public offering (IPO) of shares in its fuel and retail unit, Bloomberg reports.

Statoil confirmed earlier this month that it plans to sell a stake in Statoil Retail & Fuel ASA during the fourth quarter of this year. The unit also includes Statoil's marine fuels, lubricants and aviation divisions.

“The plan is to list in the fourth quarter, and there are no changes to that,” Chief Executive Officer Helge Lund said at an oil industry conference in Oslo on September 2nd.

“It’s not a rush sale, so we’ll do this if we believe we can get the value that we see as reasonable,” Lund added.

Statoil submitted an application for the IPO to the Oslo stock exchange at the beginning of this month. The exchange will process the oil firm's application at its board meeting on September 29th. If approved, Statoil would have 45 days to carry out the listing, according to the rules of the exchange.

The company's plan to push ahead with the sale of its fuel and retail assets comes at a time when the industry trend has been to focus on more lucrative upsteam operations.

Statoil is looking to join a list of other companies to have sold large chunks of their fuel and retail operations in order to focus on finding and producing gas and oil, including oil majors Shell, BP and ExxonMobil.

According to market sources the Statoil sale could raise as much as US$1 billion.


Product tanker Artizen, owned by Hong Lam Marine. Hong Lam Marine takes delivery of Artizen tanker in Japan  

Singapore-based firm receives new vessel from Kegoya Shipyard.

Birdseye view of containership. Panama Canal launches NetZero Slot to incentivize low-emission transits  

New reservation category prioritizes dual-fuel vessels capable of using alternative fuels from November.

Van Oord's Vox Apolonia. Van Oord deploys bio-LNG dredger for Dutch coastal project  

First bio-LNG powered trailing suction hopper dredger operation begins in the Netherlands.

Model testing for Green Handy methanol-powered vessel. Methanol-fuelled Green Handy ships pass model tests ahead of 2026 construction  

Baltic carrier reports model testing exceeded performance targets for 17,000 dwt methanol-powered vessels.

Miguel Hernandez and Olivier Icyk at AiP for FPSO. SBM Offshore's floating ammonia production design gets ABS approval  

Design converts offshore gas to ammonia while capturing CO2 for maritime and power sectors.

Philippe Berterottière and Matthieu de Tugny. GTT unveils cubic LNG fuel tank design for boxships with BV approval  

New GTT CUBIQ design claims to reduce construction time and boost cargo capacity.

Wilhelmshaven Express, Hapag-Lloyd. Hapag-Lloyd secures multi-year liquefied biomethane supply deal with Shell  

Agreement supports container line's decarbonisation strategy and net-zero fleet operations target by 2045.

Dual-fuel ship. Dual-fuel vessels will dominate next decade, says Columbia Group  

Ship manager predicts LNG-powered vessels will bridge gap until zero-carbon alternatives emerge.

Stril Poseidon vessel. VPS campaign claims 12,000 tonnes of CO2 savings across 300 vessels  

Three-month efficiency drive involved 12 shipping companies testing operational strategies through software platform.

Birdseye view of a ship. Gard warns of widespread cat fines surge in marine fuel  

Insurer reports elevated contamination levels, echoing VPS circular in early September.





 Recommended