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  • One of the largest listed independent E&P companies in Europe
    édité le 16/10/2014 - Plus de news de "Aker BP" - Voir la fiche entreprise de "Aker BP"

One of the largest listed independent E&P companies in Europe
Det norske oljeselskap ASA has finalised the acquisition of Marathon Oil Norge AS. After the integration Det norske becomes a large and robust E&P company with activities within exploration, development and production.

In 2013, combined production from the two companies amounted to approximately 84 000 barrels of oil per day, making Det norske one of the largest listed independent E&P companies in Europe in terms of output. Following the integration, Det norske will have close to 500 employees.

"The acquisition entails that we become a large operator and a robust company with ambitions on the Norwegian shelf. We are acquiring a solid portfolio with high production rates and significant operational experience that adds to Det norske’s exploration and development capabilities. Consequently, there will be no redundancies, and we will retain the Stavanger office", says chief executive Karl Johnny Hersvik.

On 2 June 2014, Det norske announced that it had entered into an agreement to acquire Marathon Oil Norge AS for a cash consideration of USD 2.1 billion. The acquisition was financed through a combination of equity and debt. The new USD 3 billion reserve-based lending (RBL) facility is now in place and the USD 1 billion revolving credit facility (RCF) has been repaid.
From the date of entering into the agreement, the two companies have completed an ambitious integration process in just four and a half months.

"It has been important to get the new organisation rapidly in place and establish new management systems as well as a new IT structure. At the same time, we have ensured safe and reliable operation of producing fields and development projects", says Hersvik.

The transaction has been subject to normal terms and conditions, including approvals from the relevant Norwegian and European Union authorities.

"We have worked persistently with applications and approvals, and we have met all requirements and conditions. We have been granted all the required approvals for the acquisition from the authorities", says Hersvik.

A new executive management team has been appointed, and the change took effect from 15 October. Karl Johnny Hersvik will continue as the chief executive officer and will be joined by eleven senior vice presidents in the company’s new executive management team.

About Det Norske

Det norske oljeselskap ASA (DETNOR) specialize in extracting petroleum resources on the Norwegian Continental Shelf (NCS). We are an ambitious company with significant exploration activity. Recently we have taken part in some major discoveries, Sverdrup being the single most important. During the first quarter of 2013 we will start producing our first own oil from Jette – the company’s first development as operator. Det norske has recently submitted Plan for Development and Operation (PDO) for the Ivar Aasen field to the authorities.

About Marathon Oil Corporation

Marathon Oil Corporation (NYSE: MRO) is an international exploration and production company. Based in Houston, Texas, the Company had net proved reserves at the end of 2013 of approximately 2.2 billion barrels of oil equivalent in North America, Europe and Africa.

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