BW Offshore has agreed with BW Group to sell all of its shares in BW Energy.

BW Offshore will sell 58.1 million (22.5%) shares in the Oslo-listed company for Nkr32 per share, resulting in total proceeds of Nkr1.86 billion or around $176 million.

The decision was taken by the independent directors of BW Offshore after assessing the company’s strategy and other relevant factors, including external valuation advice, according to a statement.