Shell to sell shares in Woodside

Shell Energy Holdings Australia Ltd (SEHAL), has entered an underwriting agreement with UBS AG to sell 78.34 million shares in Woodside, representing 29.18% of its interest in Woodside and 10% of the issued capital in Woodside, at a price of A$42.23 ($42.66) per share.

Offshore staff

LONDON -- Shell Energy Holdings Australia Ltd (SEHAL), has entered an underwriting agreement with UBS AG to sell 78.34 million shares in Woodside, representing 29.18% of its interest in Woodside and 10% of the issued capital in Woodside, at a price of A$42.23 ($42.66) per share. Upon completion of the sale, SEHAL will continue to own a 24.27% interest in Woodside.

"Our stake in Woodside has been an important part of Shell's portfolio in Australia for many years,” says Peter Voser, Shell CEO. “We are looking forward to working with Woodside on important new growth projects where we are partners.

"However, with Shell's recent portfolio progress in Australia, our world-wide push to simplify the company and to improve our capital efficiency, we will increasingly focus our investment in Australia through direct interests in assets and joint ventures, rather than indirect stakes. We will manage our remaining position in Woodside over time in the context of our global portfolio."

11/08/2010

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