Shell scales back stake in Woodside to reduce debt
Nov. 13, 2017
Shell Energy Holdings Australia Ltd. has entered into an agreement to sell shares in Woodside Energy under a deal with estimated pre-tax proceeds of around $2.7 billion.
Offshore staff
THE HAGUE, the Netherlands – Shell Energy Holdings Australia Ltd. (SEHAL) has entered into an agreement to sell shares in Woodside Energy under a deal with estimated pre-tax proceeds of around $2.7 billion.
Shell CFO Jessica Uhl said: “This sale is another step towards the completion of our three-year $30 billion divestment program, which is an important part of our strategy to reshapeShell, to deliver a world class investment case, and to strengthen our financial framework.
“Proceeds from the sale will contribute to reducing our net debt.”
Upon completion of the sale, expected to go through tomorrow, SEHAL will continue to own a 4.8% interest in Woodside.
