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ENI SPA

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Var Energi to Launch IPO and Apply For Oslo Listing

01/24/2022 | 04:20am EDT

By Dominic Chopping


Norwegian oil-and-gas company Var Energi AS said Monday that it intends to launch an initial public offering of its shares and apply for a listing on Oslo Bors.

The IPO plan follows an announcement made by shareholders Eni SpA and HitecVision AS in October of their intention to initiate a strategic review regarding the future ownership structure of Var Energi to better pursue future growth and maximize value creation.

The company said the IPO is expected to consist of a sale of existing shares held by Eni and HitecVision, who currently own 69.85% and 30.15%, respectively, and is subject to approvals from Oslo Bors and the Norwegian Financial Supervisory Authority, as well as prevailing equity capital market conditions.

Eni and HitecVision intend to remain active owners after the IPO, with Eni intending to retain a majority stake, it said.

Var Energi is an independent oil-and-gas producer that conducts exploration, development and production activities exclusively on the Norwegian Continental Shelf. It was founded in 2018 through the merger of Eni Norge and Point Resources.

The company had total petroleum revenues for the nine months ending Sept. 30, 2021, of $3.8 billion and earnings before interest, tax, depreciation and amortization of $2.7 billion. Free cash flow for the period was $1.6 billion.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

01-24-22 0420ET

Stocks mentioned in the article
ChangeLast1st jan.
ENI SPA -0.38% 14.192 Delayed Quote.16.14%
HITECVISION AS -2.11% 186 End-of-day quote.24.00%
LONDON BRENT OIL 1.52% 119.2 Delayed Quote.46.84%
NORWAY OSLO BORS BENCHMARK(TRG) 1.17% 1276.54 Real-time Quote.5.02%
WTI 0.94% 115.083 Delayed Quote.46.90%
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Financials
Sales 2022 102 B 110 B 110 B
Net income 2022 9 226 M 9 884 M 9 884 M
Net Debt 2022 13 085 M 14 018 M 14 018 M
P/E ratio 2022 5,42x
Yield 2022 6,19%
Capitalization 50 720 M 54 339 M 54 339 M
EV / Sales 2022 0,62x
EV / Sales 2023 0,61x
Nbr of Employees 32 689
Free-Float 68,8%
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Number of Analysts 24
Last Close Price 14,19 €
Average target price 16,41 €
Spread / Average Target 15,7%
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Claudio Descalzi COO-Exploration & Production Division
Francesco Gattei Chief Financial Officer
Lucia Calvosa Chairman
Francesca Zarri Director-Technology, Digital, R&D
Giuseppe Ricci Deputy Chief Operating Officer
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