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

Bollinger Fourchon: 13 Years Without a Lost Time Accident

Bollinger Shipyards, Inc. announced that their Bollinger Fourchon, L.L.C. facility has worked 13 years without a lost time accident. Building on a philosophy that starts at the top,

Messer's CEO Norville Announces Retirement

Bill Heller to assume the position as Messer Cuttings Systems’ President and CEO Gary Norville started at Messer Cuttings Systems Inc. in September 1980 selling and installing cutting machines.

Rohr Dredge Continues European Expansion

Rohr International Dredge Holdings, Inc. announced that it acquired Eurl Rohr France, including its current backlog, inventory and all associated intellectual property (IPR), on July 23, 2014.

Offshore

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Mergers & Acquisitions

Rohr Dredge Continues European Expansion

Rohr International Dredge Holdings, Inc. announced that it acquired Eurl Rohr France, including its current backlog, inventory and all associated intellectual property (IPR), on July 23, 2014.

Total Sells ts Coal Mining Assets to Exxaro

Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affiliate in South Africa.

Braemar Completes Merger with ACM Shipping

Braemar Shipping Services plc has completed the merger with ACM Shipping Group Plc (‘ACM’). ACM will merge with Braemar Seascope, the shipbroking division of Braemar Shipping Services,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair 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: 0.1086 sec (9 req/sec)