Norway-listed marine oil storage and production vessel operator BW Offshore (BWO.OL) said on Friday the dual listing of its shares on the Singapore Exchange is expected in the first half of 2011.

“We expect that to happen within the first half of the year (2011),” Carl Arnet, chief executive of BW Offshore, told reporters when asked about the timeframe of the listing.

 

He also said the firm, part of the BW Group, has picked Norway's DnB NOR(DNBNOR.OL) as its primary banker for the planned listing and may name more banks to assist the firm at a later date.

 

The BW Group is the result of a merger in 2003 between World-Wide Shipping and Norway’s Bergesen, the largest gas carrier operator in the world.

 

Arnet said the company is not in immediate need of capital and will decide later whether they need to issue new shares for the expected Singapore listing.

 

In late September, the CEO of the BW Group, Andreas Sohmen-Pao, told Reuters that the listing will not involve issuance of new shares. 

 

The Singapore and Oslo exchanges recently agreed on measures to encourage more dual listings.

 

The listing aims to provide Asian investors with an opportunity to tap into the offshore and marine sector as it recovers after the downturn during the

global financial crisis.