Norway: RWE Sells Its Interest in Edvard Grieg to OMV

Norway RWE Sells Its Interest in Edvard Grieg to OMV

RWE AG, through its subsidiary RWE Dea Norge AS, reached an agreement on the sale of its 20% licence interest in the “Edvard Grieg” development in Norway to OMV (Norge) AS, a subsidiary of OMV AG, for a cash purchase price of € 247.9 million as per effective date 1 January 2012 plus a contingent payment of up to € 35 million based on achievement of certain operational milestones.

The disposal of RWE Dea’s stake in “Edvard Grieg” (PL338) represents further progress to create significant financial headroom for RWE.

Dr. Leonhard Birnbaum, Board Member of RWE, commented on the transaction: “The disposal is a great success as it demonstrates RWE Dea’s ability to create significant value through its activities.”

Thomas Rappuhn, CEO of RWE Dea: “The disposal is an important part of RWE Dea’s contribution to the group’s disinvestment plans; however, we will retain our strong presence and commitment to Norway.

Despite the sale of its stake in “Edvard Grieg”, RWE and its subsidiaries RWE Dea and RWE Dea Norge remain committed to Norway. RWE Dea Norge holds a very attractive license portfolio with more than 40 licenses on the Norwegian continental shelf and is operator in six licenses.

The transaction is subject to approval by the Norwegian Ministry of Petroleum and Energy and Ministry of Finance. Completion of the transaction is expected in the fourth quarter of 2012.

Press Release, October 17, 2012; Image: Det norske

Share this article

Follow Subsea World News


<< Nov 2015 >>
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6


This course will provide a complete and up-todate overview of the area of Subsea Pipeline Engineering, taking delegates through the pre-design…

read more >

Marine Warranty Surveying

This distance learning course addresses the core competencies of warranty surveying, presenting the background knowledge and practical…

read more >

66kV Offshore Wind 2015

The only networking event on 66kV array grids.

66kV Offshore Wind is a technical event for experts in the wind industry. The goal is to provide a clear path to commercial implementation of 66kV array grids. By exploring developer requirements, WTG capabilities and equipment certification, we hope to reduce both uncertainty and time to implementation for 66kV offshore wind.

The conference aims to:

  • Evaluate project requirements to select 66kV inter-arrays
  • Explore turbine requirements for use in 66kV systems
  • Review certification procedures for higher voltage equipment
  • Evaluate the technology and cost impacts on transformers, cables and switchgears
  • Understand the need for reactive power compensation in offshore substations

More Info

read more >

Introduction to the Upstream Petroleum Industry

The course will provide an overview of the key aspects of the upstream petroleum industry, including exploration, risk factors, drilling…

read more >