DNO ASA finalized the acquisition of Sval Energi Group AS from HitecVision for $450 million in cash. (Source: Shutterstock)
DNO ASA finalized the acquisition of Sval Energi Group AS from HitecVision for $450 million in cash, DNO announced.
The Norwegian oil and gas operator added 16 producing fields to DNO’s portfolio, quadrupling its production in the region to 80,000 boe/d, the company announced June 12.
The deal was based on an enterprise value of $1.6 billion.
With the acquisition, nearly 60% of DNO’s global output now comes from Norway and the U.K. The balance of the company’s assets is in Kurdistan.
“The Sval Energi assets provided a rare opportunity to significantly upsize DNO’s North Sea operations and, of course, DNO itself,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani.
Halvor Engebretsen, formerly CEO of Sval Energi, has been appointed Managing Director of DNO Norge AS to lead the expanded North Sea business.
The company plans to leverage its enlarged asset base to accelerate project development in the North Sea. Projects often take eight or 10 years to develop, the chairman said.
The company raised $400 million in hybrid bonds during the first week of June to help fund the acquisition and is evaluating additional acquisition targets, Mossavar-Rahmani.
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DNO to Buy Sval Energi for $450MM, Quadruple North Sea Output
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