BW Offshore Limited (OB:BWO) plans to float its BW Energy oil and gas business in the first quarter of 2020, with an expected valuation of between $700 million and $800 million, the company said. BW Energy aims to raise $175 million in cash in the initial public offering (IPO). BW Offshore first announced plans for the spin-off of BW Energy last year without providing a valuation or specific time frame for a listing. BW Offshore also plans to distribute stakes in BW Energy directly to its own shareholders, it said. Outside investors are expected to own a quarter of the shares in BW Energy after the transactions are completed.