Marathon Oil closes transaction for sale of Norway business

Marathon Oil Corp.

Marathon Oil Corp. (NYSE: MRO) has closed its transaction with Det norske oljeselskap ASA for the sale of Marathon Oil Norge AS for a total transaction value of $2.7 billion. After adjustment for debt, net working capital and interest on the net purchase price, Marathon Oil received proceeds of $2.1 billion. The effective date of the transaction is Jan. 1.

The Norway sale includes the operated Alvheim floating production, storage, and offloading (FPSO) vessel, along with 10 company-operated licenses and a number of non-operated licenses on the Norwegian Continental Shelf in the North Sea. Full-year 2013 net production in Norway averaged 80,000 barrels of oil equivalent (BOE) per day.



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