Statoil has completed a deal, selling 15% stake of the Edvard Grieg field to Lundin Petroleum, which will now increase the Norwegian giant’s shareholding in Lundin to 20.1%.
The transaction also included the divestment of associated pipeline interests and a cash consideration of approximately US$64 million . In exchange, Statoil has received 31,316,115 new shares and treasury shares in Lundin Petroleum.
The transaction was approved by Lundin Petroleum AB’s extraordinary general meeting on 30 May 2016 and has received the required authority approvals.
Following completion of the transaction Statoil will own approximately 68.4 million shares of Lundin Petroleum, corresponding to 20.1% of the shares and votes. The economic effective date for the divestment of these assets is 1 January 2016.
Image of Edvard Grieg, from Lundin.
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