Faroe Execs Quit After DNO Takeover

© wittybear / Adobe Stock
© wittybear / Adobe Stock

Faroe Petroleum's Chief Executive Graham Stewart, Chief Financial Officer Jonathan Cooper and Chief Operating Officer Helge Hammer will resign, Faroe said on Friday after the company was taken over in a hostile bid by DNO.

The executives, including Stewart who was among the founders of Faroe, will step down within three months from Jan. 11, after DNO succeeded in buying a majority stake in the company, Faroe said.

An acrimonious takeover battle ended this week when DNO said it has succeeded in buying more than half of Faroe's shares. It had offered 160 pence a share for Faroe, valuing it at 641.7 million pounds ($821.83 million). DNO said earlier on Friday it owned or had acceptances for 76.5 percent of Faroe.

DNO had repeatedly criticized Faroe's leadership in such a way as prompting analysts to wonder if it might not undermine its own pursuit of the company.

DNO, whose assets are mainly in Iraqi Kurdistan, will diversify its business with Faroe's North Sea assets.

A spokesman for DNO had no immediate comment.


($1 = 0.7808 pounds)

(Reporting by Shadia Nasralla, editing by Louise Heavens)

Current News

North Star Inks Contract with Siemens Gamesa for New East Anglia THREE SOV

North Star Inks Contract with

Ocean Winds Releases Report on Safe UXO Disposal at UK Offshore Wind Farm

Ocean Winds Releases Report on

BOEM Issues Final EIS for Two Wind Projects Offshore New Jersey

BOEM Issues Final EIS for Two

Guyana Could Reallocate Gas Areas if Exxon Does Not Move Project Forward

Guyana Could Reallocate Gas Ar

Subscribe for OE Digital E‑News

Offshore Engineer Magazine