Statoil, Lundin swap closes

Offshore staff

OSLO, NorwayStatoil ASA and Lundin Petroleum have closed their transaction that sees Statoil selling its full 15% interest in the Edvard Grieg field for an increased holding in Lundin Petroleum.

The transaction also included the divestment of associated pipeline interests and a cash consideration of approximately $64 million. In exchange, Statoil has received 31,316,115 new shares and treasury shares in Lundin Petroleum.

The transaction was approved by Lundin Petroleum AB’s Extraordinary General Meeting on May 30 and has received the required authority approvals.

Following completion of the transaction, Statoil will own approximately 68.4 million shares of Lundin Petroleum, corresponding to 20.1% of the shares and votes. The economic effective date for the divestment of these assets is Jan. 1, 2016.

07/01/2016

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...