Magnora ASA announced that on 18 January, the board approved a plan to establish a separate entity for Magnora's Legacy Business (that is the contracts linked to the Company's divested FPSO business). Technically, the separation combines a demerger followed by a merger to transfer the Company's Licensing Business to a wholly owned subsidiary of Magnora. This requires an extraordinary general meeting of shareholders in Magnora.

The Legacy Business is related to Magnora's historical business activities. In 2018, Magnora sold its formerly core business which included patents and related technology rights associated with the FPSO technology business. However, Magnora retained the right to use the technology under two existing agreements for two FPSOs, one of which was already in operation (the Western Isles FPSO) and the other soon to enter operations (The Penguins FPSO).

Aligned with the stock exchange release dated 28 August 2023, and as a consequence of the corporate restructuring mentioned above, the Licensing Business will become a subsidiary. Following this restructuring, the Company intends to spin off the Legacy Business to its shareholders as a new listed company on the Oslo Stock Exchange. Irrespective of this, the strategic process continues.