BSP CAPITAL

BSP CAPITAL

Case Study: BSP CAPITAL

A key transaction – Sale of InterOil Corporation businesses

Assignment

Saint Gabriel was commissioned for 18 months to work on select transactions for BSP Capital, the wholly owned subsidiary of Bank of South Pacific, Papua New Guinea. Our appointment occurred during a restructuring period in 2013 when BSP was re-building its on-the-ground senior corporate advisory expertise.

Background

BSP Capital was a corporate and financial advisor to InterOil for the sale of two of InterOil’s businesses, namely, their downstream and midstream businesses. InterOil Corp is listed on the New York Stock Exchange while its head office is located in Singapore and its oil and gas projects are located in Papua New Guinea. The divestment of two businesses located in Papua New Guinea was a strategic move to increase focus on InterOil’s Liquefied Natural Gas (LNG) business. The LNG had become a core component in the company’s growth profile. The proceeds from the sale of its non-core operations were to be used to develop the LNG business. The two businesses included the Napa Napa refinery in Port Moresby, 52 service stations and 30 fuel depots, terminals, and aviation facilities.

Role

Saint Gabriel provided transaction management services to BSP Capital that included leading BSP Capital’s transaction team.

Outcome

With the assistance of BSP Capital, InterOil Corporation sold its downstream and midstream businesses in Papua New Guinea to Puma Energy for its target asking price of US$525.6 million.

September 18, 2018