BreakingviewsNorth Sea oil IPOs had best take the plunge soon
George Hay
Oilfield platforms are seen in the North Sea, Norway, December 3, 2019.
North Sea oil companies hoping to float should strip off and take the plunge. Sam Laidlaw, formerly boss of UK utility Centrica (CNA.L), is mulling an initial public offering of Neptune Energy, the driller controlled by buyout groups CVC and Carlyle, as well as Chinaâs sovereign wealth fund. His chances of achieving a $10 billion valuation look better if he moves swiftly.
After a recent rush of new listings, investors are showing signs of indigestion. Shares in food delivery group Deliveroo (ROO.L) are languishing 35% below their March debut price, and a bunch of smaller Spanish renewable energy groups recently pulled their listings. Laidlaw also faces competition: Oil driller Wintershall Dea said in February its mooted $20 billion IPO would be done some time this year.