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Shell reduces Woodside interests

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Hydrocarbon Engineering,

Shell’s subsidiary, Shell Energy Holdings Australia Ltd (SEHAL), has entered into an underwriting agreement with two investment banks, for the sale of 71.6 million shares in Woodside Petroleum (Woodside). These shares represent 64% of its interest in Woodside and 8.5% of the issued capital in Woodside, at a price of AUS$31.10 per share, resulting in total pre-tax proceeds of approximately US$1.7 billion (AUS$2.2 billion). The sale is expected to complete on 14 November.

Upon completion of the sale, SEHAL will continue to own a 4.8% interest in Woodside. The company has agreed that it will not dispose of any of its remaining shares in Woodside for a minimum of 90 days from completion of the sell-down, with limited customary exceptions.

Shell’s Chief Financial Officer, Jessica Uhl, commented: “This sale is another step towards the completion of our three-year US$30 billion divestment programme, which is an important part of our strategy to reshape Shell, to deliver a world class investment case, and to strengthen our financial framework. Proceeds from the sale will contribute to reducing our net debt.”

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