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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Wind-powered Oil Recovery Project Green-lighted

The DNV GL-led WIN WIN Joint Industry Project (JIP), which melds offshore wind with offshore oil and gas, shows that for suitable fields,finds that  wind-powered

Barge Master Wins Innovation Award at OTC

The Barge Master T40 motion compensated knuckle boom crane has been recognized for technological innovation, winning the Spotlight on New Technology Small Business

Keppel Acquires LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International

Maritime Safety

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Barge Master Wins Innovation Award at OTC

The Barge Master T40 motion compensated knuckle boom crane has been recognized for technological innovation, winning the Spotlight on New Technology Small Business

113 Migrants Drown in Libya-Italy Weekend Transits

An estimated 113 people died in four shipwrecks between Libya and Italy at the weekend as the crossing becomes the preferred sea route for migrants to Europe, the

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0701 sec (14 req/sec)