Value Verification of Hydro and Statoil Completed

Monday, January 29, 2007
Statoil and Hydro have completed a value verification process following the agreement between the companies' boards of directors to merge Hydro's oil and gas activities with Statoil. The intention of the review has been to verify the information exchanged between the parties prior to the conclusion of the agreement. In connection with the publicising of the merger on 18 December 2006, Statoil's net interest-bearing debt was estimated to be NOK 14.3 billion at 31 December 2006. It is now expected that Statoil's net interest-bearing debt will be NOK 24-25 billion at 31 December 2006. The main reason for this change is associated with fluctuations in the working capital. Reference should also be made to a separate announcement from Hydro relating to a write-down of assets in the Gulf of Mexico. Based on an overall assessment of the above mentioned and other aspects, the parties agree to the following change in financial conditions for the merger: the net interest-bearing debt for Hydro's oil and gas activities at 31 December 2006 is put at NOK 1 billion, and not zero, as when the agreement was announced.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Russia's Shipping Major Reports Strong 1H 2014

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial

Tankship-specific Version of FindaportCD Released

Harbour & terminal information providers, Shipping Guides Ltd, says its latest tanker-specific  addition enables customers to access the most comprehensive port

Navy Unmanned Aircraft Sets the Bar

The Navy's X-47B unmanned aircraft has completed its final test aboard 'USS Theodore Roosevelt' (CVN 71) and has returned to its home base at Naval Air Station Patuxent River after eight days at sea
,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics 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: 0.1041 sec (10 req/sec)