12/08/2021 | Press release | Distributed by Public on 12/08/2021 01:38
Spirit Energy has entered into agreements to divest its Norwegian business including the Statfjord UK field. The headline consideration is $1,076 million (approximately £800million), plus a contingent payment linked to commodity prices.
The transactions comprise the following:
Chris Cox, Chief Executive Officer of Spirit Energy, said: "The sales agreements are in accordance with the strategy of Spirit Energy's owners toreduce the carbon intensity of its portfolio.
"Over the last 15 years, we have created an attractive cash-generating business in Norway with producing assets, future developments and exciting exploration opportunities. Sval Energi is acquiring a successful and solid business."
Spirit Energy will continue as a business in the UK and in the Netherlands.
Mr Cox added: "In the UK and the Netherlands, our focus is on realising value from our remaining reserves, safely and efficiently decommissioning our facilities and wells with minimum environmental impact,and pursuing energy transition opportunities in our assets as part of our commitment to support the UK's journey to net zero.
"After the sale of Spirit Norway, Spirit Energy is now predominantly a gas business which will continue to provide much-needed energy to households and businesses, with a low carbon footprint."
The Spirit Energy Norway workforce will be transferred to Sval Energi AS, as the sale constitutes a transfer of undertaking according to the Norwegian Working Environment Act chapter 16.
The commercial effective date of the transactions is 1 January 2021. The transactions are subject to approval from the relevant authorities.
Facts about Spirit Energy
Facts about Spirit Energy Norway AS
Facts about the Statfjord area
The Statfjord area covers the following licences: Statfjord Unit (or Statfjord main field), Statfjord Øst, Statfjord Nord and Sygna. The Statfjord Unit development covers the big Statfjord A, B and C concrete gravity base platforms, whereas the other fields are subsea developments tied back to the main field platforms. Equinor is operator for all licences.
Spirit Energy Norway AS's ownership in the Statfjord area is:
Spirit Energy Resources Limited ownership in the Statfjord area is:
Contacts:
Jill Glennie, Head of Communications in Spirit Energy
Mobile (+44) 7557 614018
Mail [email protected]
Tom Gederø, Communications Manager in Spirit Energy (Norway)
Mobile (+47) 922 47 082
Mail [email protected]
Photo: Øyvind Hagen, Equinor