Norwegian oil and gas operator DNO has reached agreement to acquire Sval Energi from HitecVision for a cash consideration of $450 million, based on an enterprise value of $1…
Norwegian oil and gas operator DNO has reached agreement to acquire Sval Energi 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 according to the company, it will quadruple its North Sea output to around 80,000 boepd.
DNO said the transaction will boost its global net production by two thirds to around 140,000 barrels of oil equivalent per day (boepd) on a 2024 pro forma basis and proven and probable (2P) reserves by 50% to 423 million barrels of oil equivalent (boe)
DNO expects to capitalize on Sval Energi’s extensive portfolio which includes interests in hubs and existing tiebacks that provide potential development synergies with DNO’s discoveries.
Sval Energy holds non-operated interest in 16 producing fields offshore Norway, with net production of 64,100 boepd in 2024.
Its largest assets, measured by net 2P reserves, are Nova, Martin Linge, Kvitebjørn, Eldfisk, Maria, Symra and Ekofisk
As part of the agreement, Sval Energi’s team of 93 employees to be integrated into the DNO organization
The effective date of the transaction is January 1, 2025, with expected completion mid-year 2025, subject to customary regulatory
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