ABG Sundal Collier acted as Joint Global Coordinator and Joint Bookrunner in the NOK 2,662 million IPO of Seacrest Petroleo on Oslo Børs

Seacrest Petroleo Bermuda Limited (“Seacrest Petroleo” or the “Company”) announced on Wednesday 22 February 2023 the successful completion of its initial public offering (“IPO”) on Oslo Børs. The transaction comprised 443,666,666 shares issued at a price of NOK 6.00 per share, equating to a total primary of NOK 2,662 million (equivalent to USD 260 million). The offer price of NOK 6.00 per share implies a market capitalisation of the Company of approximately NOK 3,927 million (equivalent to USD 383 million) assuming that the over-allotment option is not exercised, increasing to approximately NOK 4,169 million (equivalent to USD 407 million) if the over-allotment option is exercised in full.
The net proceeds from the IPO will be used to pay a portion of the purchase price of the Norte Capixaba acquisition and for general corporate purposes. Completion of the Norte Capixaba acquisition is expected shortly after the IPO. Upon closing of the Norte Capixaba acquisition, the Company expects to become the third largest onshore oil and gas producer in Brazil in terms of reserves and production.
The IPO attracted strong interest from high-quality long-term institutional investors. Mercuria Energy Group Limited, one of the larger shareholders of the Company and one of the world’s largest independent energy traders and asset operators, was allocated approximately USD 80 million in the Offering and will have an ownership of approximately 28% post IPO, if the over-allotment option is exercised in full.
The shares in Seacrest Petroleo will commence trading on Euronext Expand on 23 February 2023 under the ticker code SEAPT.