DNO to Acquire Sval Energi for $450 Million
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DNO ASA, the Norwegian oil and gas operator, has reached agreement to acquire 100 percent of the shares of Sval Energi Group from HitecVision for a cash consideration of $450 million.
“This is a rare opportunity to acquire a portfolio of high-quality oil and gas assets on the Norwegian Continental Shelf,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani.
“We have moved fast to capture it, given low unit production costs and limited near-term investment requirements, the Sval Energi portfolio is highly cash generative and will help underpin development of the numerous discoveries we have made in Norway recently,” added Mossavar-Rahmani.
The Sval Energi assets are complementary to DNO’s North Sea portfolio and will add scale and diversification to solidify the company’s position as a leading listed European independent oil and gas company. The acquisition will be financed from existing liquidity including available credit facilities. The company will set in place the optimal capital structure prior to completion.
The transaction is expected to close mid-year 2025.
DNO is a leading Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971, the company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands, and Yemen.
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