Oil giant BP PLC and Det Norske Oljeselskap ASA announced plans Friday to combine their Norwegian assets and expertise to form a new joint venture company that will be separately listed on the Oslo Stock Exchange.
Under the agreement the BP Norge and Det norske businesses will combine and be renamed Aker BP ASA. BP will have a 30% share of the new company and receive $140 million in cash plus positive working capital adjustments as part of the transaction. Det norske shareholder Aker ASA will have a 40% interest and other Det norske shareholders the remaining 30%.
BP Chief Executive Bob Dudley said: “The Norwegian Continental Shelf represents a significant opportunity going forward and we are looking forward to working together with Aker to unlock the long-term value of the company through growth and efficient operations.”
“This innovative deal demonstrates how we can adapt our business model with strong and talented partners to remain competitive and grow where we see long-term benefit for our shareholders,” he added.
By Ian Walker
Source: MarketWatch
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