5. October 2022
“On 8th September, BCPR Pte Ltd, a wholly owned subsidiary of Bangchak Corporation, (“BCPR”) advised the Oslo Stock exchange of its intention to divest a number of shares it holds in OKEA ASA (“OKEA”). Since then, the market conditions have deteriorated substantially, including the price of Brent Crude falling below $90. BCPR does not believe that it would be commercially sensible to continue the process and has therefore taken the decision to end the divestment process with immediate effect. BCPR does not intend to sell any more shares and, instead, will seek alternative, commercially more attractive, solutions to raise liquidity.
BCPR now holds 45.5% of the OKEA shares and our confidence in OKEA, the CEO and the strong leadership remains unchanged. OKEA will continue to be a flagship of the BCP portfolio and we look forward to working with Svein and his team as they build the pre-eminent mid- to late-life operator on the Norwegian Continental Shelf”
Mr. Rawee Boonsinsukh Director of BCPR Pte Ltd
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