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

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FPSO Europe Congress

 

Pursuing Cost-Optimization & Project Excellence across Europe’s FPSO Value Chain!

Launched to great success in 2015, the FPSO Europe Congress is set to return on 24-25 February 2016 in London for yet another exciting gathering of Europe’s leading oil operators, FPSO contractors, EPCs, shipyards and solution providers to discuss the most topical and critical FPSO developments in the North Sea, Latin America, Brazil and West Africa market.

 

Why Attend the 2nd Annual FPSO Europe Congress?

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  • Review, refine and optimize your existing FPSO operations – how can we enhance oil recovery and extend FPSO asset lifetime?
  • Learn from FPSO experts on the ins-and-outs of delivering successful FSPO projects in North Sea, West Africa, Latin America and Brazil – how can we comply with local content and form effective native partnerships?
  • Engage and form sustainable partnerships with European-based oil companies and FPSO contractors that are leading offshore E&P and FPSO projects in the region

 

2016 FPSO Distinguished Speakers Include:

  • Curtis Lohr, Stones Project Manager, Shell
  • David Hartell, Senior Development Manager, Premier Oil
  • Terry Hughes, Project Director, Tullow Oil
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  • Chris Brett, President, Teekay Offshore
  • Puneet Sharma, Vice President, MODEC
  • Eirik Barclay, CEO, Yinson Production

 

The FPSO Europe Congress 2016 is proud to bring you an updated program offering fresh perspectives, creative solutions and critical market intelligence fundamental to FPSO business sustainability as we discuss just HOW and WHAT you can do in pursuit of a viable, efficient and safe FPSO strategy.

For more information please visit the website at http://goo.gl/uvYsrk or email rani.kuppusamy@fpsonetwork.com

 

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