Noreco’s sale of Norwegian business falls through

Norwegian oil company Noreco will not be selling its Norwegian petroleum activities to Djerv Energy, at least not for now.

To remind, the company in December said its subsidiary Noreco Norway would sell its exploration licence interests, organisation and management systems, and thus cease its petroleum acitivities in Norway. However, the deal needed an approval by Noreco’s NOR06 bondholders.

According to a statement by Noreco, a bondholder meeting was held in NOR06 on Wednesday at 13:00, at Nordic Trustees offices in Oslo in which 80,14 % of NOR 06 bondholders attended in person or by proxy.

Noreco said that 62,01% of the bondholders voted in favor of approving the proposed sale of Noreco’s Norwegian petroleum activities to Djerv Energy AS. However, since approval of the transaction required a two-thirds majority vote, the NOR06 has not approved the transaction.

“The company will continue to work to preserve values and optimise recovery for bondholders and its shareholders, and will continue to update the market and its stakeholders on the progress in this regard,” Noreco said in a statement.

Share this article

Follow Offshore Energy Today

Posted on February 3, 2016 with tags .

Events>

<< May 2019 >>
MTWTFSS
29 30 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 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply