Noreco to exit Oselvar offshore Norway

Offshore staff

STAVANGER, Norway – Noreco Norway has agreed to sell its 15% stakes in Norwegian North Sea licenses PL274 and PL 274 CS, including the producing Oselvar field, to CapeOmega for NOK 201 million ($25.4 million).

The transaction remains subject to approvals from the Norwegian authorities, but is expected to be completed by the end of 2015. Noreco will use the net proceeds to pay its bondholders.

Additionally, the company has decided to cut its 30-strong staff by 50% due to rising costs.

07/01/2015

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