Statoil has sold its share in the International Petroleum Corporation for C$109 million.
IPC is a recently formed company into which Swedish oil operator Lundin Petroleum spun off its non-Norwegian producing assets, as part of the company restructuring.
Lundin then said it would distribute all of the shares of IPC, on a pro-rata basis, to Lundin Petroleum shareholders, one of which is Norway’s Statoil.
Statoil on April 24 received 22,805,892 Shares, representing approximately 20.1% of the issued and outstanding Shares.
The company on Thursday said it had sold 20.1% on May 24, for aggregate proceeds of approximately C$109 million, following the offer launched on April 24, 2017 by Lundin Petroleum BV (“LPBV”), a subsidiary of IPC resident in the Netherlands, to purchase up to U.S.$100 million of Shares.
Following the issuer sale, Statoil will not own any shares in the IPC.