BW Offshore (BWO): unit of BW Group, the second largest FPSO lease operator in the world with 16 FPSO vessels, is on track for a dual-listing on the SGX by 2Q11. Mgt is undecided about a public offering, as BWO is adequately financed, and simply hopes to bring liquidity to the market. Listed in Norway, BWO has a market cap of Kr 4.7bn (S$1.1bn). Company intends to acquire Cyprus-based Prosafe Production having offered 1.2 BWO shares and Kr 3 per Prosafe share earlier this month...
BWO’s dual-listing, together with the 6% jump in crude oil prices over the past week, may spur interest in O&M plays, particularly Keppel Corp, SembMarine.
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