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Statoil to Divest Minoroty Interests Offshore Norway and Shetlands for $2.65B

Statoil ASA (NYSE: STO) has signed an agreement to divest minority interests in the Gullfaks and Gudrun fields offshore Norway and exit the non-core, non-operated Schiehallion and Rosebank fields, West of Shetlands. In addition to the cash consideration of USD 2.65 billion, the transaction with Austrian oil and gas company OMV includes a contingent payment and involves a partnership between the two companies. Statoil reduces its ownership share in Gullfaks from 70 % to 51 % and from 75 % to 51 % in Gudrun, and retains its operatorships on both fields. "Through this transaction, Statoil captures value created through asset development and unlocks capital for investment in high return projects in core areas. This includes our recent discoveries on the Norwegian continental shelf. We continue to deliver on our strategy to create value through active portfolio management and to further increase our financial flexibility," says Helge Lund, Statoil's president and chief executive officer. Statoil expects to recognize a gain from the transaction estimated to be between USD 1.3-1.5 billion, to be adjusted for activity between the effective date 1 January 2013 and the closing date. The transaction will enable Statoil to redeploy around USD 7

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Posted-In: News Guidance Contracts Asset Sales Management M&A Global

 

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