Latest news with #SvalEnergiGroupAS
Trade Arabia
11-03-2025
- Business
- Trade Arabia
Norwegian oil major DNO to buy Sval Energi for $1.6bn
DNO ASA, the Norwegian oil and gas operator, today announced it has reached agreement to acquire 100 percent of the shares of rival Sval Energi Group AS from HitecVision for a cash consideration of $450 million based on an enterprise value of $1.6 billion. 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, said a statement from DNO. The company will set in place the optimal capital structure prior to completion, it added. "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.
Bloomberg
07-03-2025
- Business
- Bloomberg
DNO Agrees to Buy Sval, Tilting Output Focus to Norway From Iraq
DNO ASA agreed to buy all the shares of Sval Energi Group AS for $450 million from private equity firm HitecVision, as the oil and gas company expands its operations in Norway. The acquisition, based on an enterprise value of $1.6 billion, will boost DNO's global net production by two-thirds, and its proven and probable reserves by 50% to 423 million barrels of oil equivalent, DNO said in a statement Friday. It will quadruple the Oslo-based company's output in the North Sea.
