DONG Energy has signed an agreement with Statoil under which Statoil will acquire DONG Energy’s entire ownership stake of 100% of the shares in DONG Generation Norge AS which owns and operates the Norwegian gas-fired power plant, Energiverk Mongstad. The power plant was built by DONG Energy and operations commenced in 2010.
The aggregate sales price (enterprise value) for the 100% ownership interest is NOK 1.8 billion (equivalent to approx. DKK 1.7 billion or EUR 229 million). Closing is expected to take place in Q3. The transaction is expected to result in a loss before tax of approx. DKK 160 million and will not have any impact on EBITDA.
The divestment is an important element of the financial action plan DONG Energy presented on February 27, 2013, in which the company announced its intention to divest non-core activities of a value of DKK 10 billion in 2013-2014.
“With the divestment of Mongstad, we are taking another significant step towards the realization of our financial action plan. We have now divested a total of approx. DKK 9 billion of non-core activities.” said Henrik Poulsen, CEO of DONG Energy.
The information provided in this announcement does not change DONG Energy’s previous financial guidance for the 2013 financial year or the announced expected net investment level for 2013-2014.