We are pleased to announce that Sval Energi AS has signed an agreement to acquire Edison Norge AS. The transaction will increase the reserve base of Sval, adding net 25 mmboe (with 57% gas) in line with the company’s growth ambition.

Sval’s portfolio will be enhanced by the development asset Dvalin (10%) and by increasing its holding in the Nova development from 10% to 25%. Dvalin is a subsea tie-back to Heidrun and will export the gas through the Polarled pipeline, where Sval holds an interest, and Nova is a tie-back to Gjøa. Both assets are low-emission development projects.

The agreed acquisition price is USD 300 million with 1st January 2020 as financial effective date. A material share of the acquisition price relates to tax balances and tax losses.

The deal is the first corporate transaction on the Norwegian Continental Shelf in 2020. It follows Sval’s earlier acquisition of Cairn’s Norwegian subsidiary Capricorn Norge AS, which was completed earlier this year.

About Sval

Sval has worked with natural gas since 2011. From the very beginning our main business was to transport gas from the North Sea to Europe. Today we also participate in the exploration and development of oil & gas fields as well as owning a wind park development in Finland. Our ambition is to provide energy from oil and gas and new energy sources. As a new generation energy company, Sval sees the need to reduce the industry’s carbon footprint, the world's need for clean energy and also recognizes the profitable business opportunities that arise in the ongoing energy transition.

About Edison

Edison is a leading Italian and European operator in the supply, production and sale of electricity, in energy and environmental services. Founded over 135 years ago, Edison has contributed to the electrification and development of Italy. It now operates in Italy, Europe and the Mediterranean basin, employing 5,000 people. Edison’s electric power plants have a total capacity of 6.4 GW in Italy.