Origin pondering spin-off, hires Macquarie Capital as advisor

Origin pondering spin-off, hires Macquarie Capital as advisor

Origin Energy of Australia has reportedly hired Macquarie Capital to advise on possible spin-off of it gas production businesses. 

Reuters reports, citing sources, that the spin-off would include the $25 billion Australia Pacific LNG facility.

Origin was advised to make a decision on the spin-off only after the APLNG facility ramps up to its full production capacity, which should occur in 2017.

Analysts predict that the split of Origin’s two units, its domestic power business and the oil and gas division, could shift the company’s debt to the gas production business, easing the risk of rating cuts.

The company is looking to cut its debt by shedding more assets that are expected to bring in over A$800 million (approx. US$582 million) by the end of FY2017.

CFO position established

In a statement on Thursday, Origin informed that Karen Moses, executive director, finance and strategy, has decided to retire from her position, effective May 16, 2016.

Moses will continue her employment with Origin until her retirement at the end of August to provide support through a transitional period and complete work on a number of strategic priorities, the company said in its statement.

A search for a permanent appointment to the CFO position, reporting directly to managing director, already started. Until the position is filled, Origin’s current group financial controller, Gary Mallet will act in this role.

 

LNG World News Staff

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