HitecVision Sells 6.3% Stake in Vår Energi for $423M

Goliat platform in the Barents Sea Credit: Vår Energi (File image)
Goliat platform in the Barents Sea Credit: Vår Energi (File image)

Norway's HitecVision said on Friday it has sold a 6.3% stake in oil and gas group Vaar Energi VAR.OL for 4.56 billion Norwegian crowns ($423 million), reducing its ownership in the company to 14.4%.

The sale at 29 crowns per share came at a 9.4% discount to Thursday's closing price of 32 Norwegian crowns.

Italian energy group Eni ENI.MI, Vaar's majority owner, separately said it did not plan to reduce its 63.04% stake, and that the HitecVision sale would increase Vaar's share liquidity, making it more attractive to international investors.

($1 = 10.7714 Norwegian crowns)

(Reuters - Reporting by Terje Solsvik, editing by Louise Rasmussen)

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