Atlantic Petroleum to Gain Foothold Offshore Norway

Press Release
Thursday, November 15, 2012

Atlantic Petroleum gains entry to Norwegian Continental Shelf energy exploration through acquisition of Emergy Exploration AS.

Atlantic Petroleum has issued a voluntary offer for 100% of the shares in Emergy Exploration AS, an independent, upstream oil and gas company focused on the Norwegian Continental Shelf.

The Offer for 100% of the shares in Emergy is USD 12.7 million to be paid in cash or a combination of cash and shares in P/F Atlantic Petroleum, of which 50% will be paid in cash upon acceptance of the Offer and 50% will be paid at the latest on 31st January 2013 in cash, shares or a combination of cash and shares. The offer has been pre-accepted by the holders of 90% of the Emergy shares.

Following the transaction, Emergy will change name to Atlantic Petroleum Norge AS with Emergy’s current CEO, Jonny Hesthammer, taking up the position as Managing Director.

The transaction is an important step in Atlantic Petroleum’s strategy of combining organic growth with targeted acquisitions and provides a solid base and organisation for accelerated growth through exploration on the NCS, which is a highly prolific and prospective hydrocarbon region with 2 of the world’s 5 largest discoveries over the last two years.

Ben Arabo, CEO of Atlantic Petroleum comments: “Numerous recent large and giant discoveries offshore Norway have demonstrated the significant potential in the region. The acquisition of Emergy initiates Atlantic Petroleum’s effort to tap into this potential. With this transaction we are not only gaining access to the Norwegian shelf, but we are also gaining an experienced team of professionals with a strong track record."
 

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

People & Company News

London, Brazil Terminals Boost DP World Container Volumes

DP World , one of the world's biggest port operators, said on Thursday that its gross container volumes rose 10.7 percent from a year earlier in the first half of 2014.

Abu Dhabi Ports Shift Far More Breakbulk Cargo

Abu Dhabi Ports Company (ABPC) says that general cargo moving through Abu Dhabi’s commercial Ports has increased by 37% this year. ADPC’s commercial ports (Musaffah,

U.S. Naval Academy: New Superintendent

The U.S. Naval Academy (USNA) has held a change of command ceremony in Annapolis, Maryland, where Vice Adm. Walter E. "Ted" Carter Jr. relieved Vice Adm. Michael Miller,

Offshore

2545 Candidates Vie for 11 Positions in Maersk Drilling

2545, that is exactly how many applicants applied for the 11 MITAS engineer positions available in Maersk Drilling in 2014. The Maersk International Technology and Science Programme,

GDI Awards N-KOM US$110-M Contracts

Gulf Drilling International (GDI) Limited, a subsidiary of Gulf International Services (GIS), the largest oilfield service company in Qatar, has awarded two contracts

Statoil Awarded Licence Offshore Colombia

Statoil has been awarded interest in the COL4 licence offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round. Statoil will hold 33,33% in the licence.

Mergers & Acquisitions

Saab Completes Acquisition of TKMS (Kockums)

Defence and security company Saab's acquisition of the Swedish shipyard Thyssen Krupp Marine Systems (TKMS, formerly Kockums) has now been completed. The acquisition

Semco and PV Join Forces for Rig Upgrade

Semco Maritime and PetroVietnam Marine Shipyard join forces to establish high class rig upgrade player in South East Asia - Vung Tau Rig Services. The initiative

Kito Americas Acquires Peerless Industrial

Kito Americas, Inc. announced today that the company has entered into a stock purchase agreement to acquire Peerless Industrial Group from Westview Capital Partners II, L.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1421 sec (7 req/sec)