Alternative legal structures had been considered even before the Norwegian government’s decision to back tax Norwegian shipping companies last September. The decision reinforced the importance of having choice between alternative jurisdictions rather than being dependent on one regime.

The new holding company, BW Gas Limited, made a voluntary exchange offer for all outstanding shares in BW Gas ASA in May. The shareholders were extended an offer to exchange each share in BW Gas ASA for one new share in BW Gas Limited. The offer was accepted by more than 96 per cent of the shareholders. The remaining shares were acquired by BW Gas Limited through a compulsory acquisition in accordance with Norwegian law. BW Gas Limited was listed on the Oslo Stock Exchange on 11 July, followed by the delisting of BW Gas ASA on 30 July.