Hydro, Statoil to Establish Offshore Oil Company

Tuesday, December 19, 2006
The boards of Norway's Hydro and Statoil have urged their shareholders to approve a deal that would merge their oil and gas assets. If approved, Norway's largest offshore oil company would be created, with a combined production of 1.9 million barrels per day in 2007 and proven oil and gas reserves of 6.3 billion barrels of oil equivalent.

Hydro's shareholders will hold 32.7% and Statoil's shareholders will hold 67.3% of the new company. Hydro's shareholders will receive 0.8622 shares in the new company for each Hydro share, and will continue as owners of Hydro. Statoil shareholders will maintain their holdings in the new company on a one-for-one basis. The Norwegian State will hold approximately 62.5 percent in the merged entity, Hydro said on its Web site. The statement said, he proposed merger is subject to approval by the general meetings of the two companies as well as by regulatory authorities. The general meetings are expected to be held during second quarter 2007. Final closing is expected to be in the third quarter 2007. In the meantime, Hydro and Statoil will be managed as separate companies. The management of Hydro and Statoil said the assets should be merged to achieve leading positions in the international energy sector given a complicated international environment. Hydro plans to keep working as an independent aluminum company. Hydro President Eivind Reiten, who is also likely to head the board of the new oil and gas company, said the restructuring of Hydro's aluminum assets is nearing completion. Following the merger, Hydro could become the world's third aluminum company in terms of market capitalization. The company will also retain its hydro-energy assets. Hydro and Statoil said December 13 they are still willing to join Russia's multibillion Shtokman gas project, even on new terms. Source: RIA Novosti

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

Signet Transports Second LLOG Rig to GofM

On September 14, five Signet Maritime ASD/Z-Drive tugboats, the SIGNET ENTERPRISE, SIGNET RELIANCE, SIGNET MAGIC, SIGNET WEATHERLY, and SIGNET VOLUNTEER successfully

Maritime Safety

USCG Cutter Rush Returns

The crew of Coast Guard Cutter Rush returned to its homeport following a successful 72-day deployment in the Central and Western Pacific, Monday. Rush departed

Report on MOL Comfort Incident is out

In response to the casualty of “MOL COMFORT” which occurred on 17 June 2013, ClassNK established the Investigative Panel on Large Container Ship Safety, comprised

NAT Tankship Rescues 150 in Mediterranean

Nordic American Tankers Limited ("NAT") says the one of its vessels, the 'Nordic Passat' performed a rescue operation, involving 150 people in the Mediterranean last Saturday afternoon,

 
 
Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1281 sec (8 req/sec)