Sval Energi AS strengthens its position on the Norwegian Continental Shelf with the completion of the Spirit Energy Norway acquisition.

   - The USD 1,026 million Spirit Energy Norway acquisition closed May 31st, with January 1st 2021 as the commercial effective date.
   - The acquisition includes 45 licences (6 operated), including 7 producing fields (2 operated) and several development and exploration opportunities.

CEO Nikolai Lyngø said: “We are glad to have completed the acquisition of Spirit Energy Norway. Today, we celebrate uniting our two teams and strengthening our capabilities. Thanks to an efficient integration process, we have also finalised the integration of the entire organisation, including a new Sval leadership team. We now look forward to continuing our growth journey and manifesting our position on the Norwegian Continental Shelf.”

With the Spirit Energy Norway acquisition and the recent agreement with Equinor to acquire stakes in Martin Linge and the Greater Ekofisk Area, Sval will be on course to reach 100,000 barrels of oil equivalent per day in 2023. As of today, Sval Energi’s portfolio will consist of 9 producing assets, 2 operatorships, as well as 7 development projects and 2 discoveries.

About Sval Energi

Sval Energi is a privately owned Norwegian energy company. Backed by the leading energy investor HitecVision, Sval Energi is building a strong portfolio combining oil and gas resources with decarbonisation value chains. Sval Energi aims to be a major Norwegian player in the energy sector.

About Spirit Energy

- Spirit Energyirit Energy is an oil and gas exploration & production company with two shareholding entities: Centrica (69%), and Stadtwerke München GmbH SWM (31%).
- Operated and non-operated interests across the UK, Norway, and the Netherlands, with more than 30 producing fields and approx. 128 exploration licences (2020).
- 2020-production of 44.9 million barrels of oil equivalent (mmboe).
- Proven and probable (2P) reserves of 246 mmboe (2020).
- Total workforce of approx. 850.