Norway sees $1-billion acquisition of offshore assets

Norway

OSLO, December 8, 2021 – Sval Energi has signed a contract to purchase the majority of Spirit Energy Norway’s assets on the Norwegian Continental Shelf for USD 1.03 billion, the privately owned energy company announced on Wednesday.

The move will see the company take over all operations and assets of Spirit Energy Norway, excluding its ownership of the Statfjord fields, which will be acquired by Equinor.

 

The deal includes 45 licences with seven producing fields. Sval Energi will operate six of all new fields, two of which are producing.

Production from the combined company is expected to climb to 60,000 boed in 2023.

The transaction has an effective date of January 1, 2022. It is expected to be completed in Q2 2022.

It is the largest acquisition on the Norwegian Continental Shelf since 2019.

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