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June 2, 2014
05:04 EDTMROMarathon Oil to sell Norway business for $2.7B
Marathon Oil announced that it has entered into a definitive agreement with Det norske oljeselskap ASA under which Det norske will purchase Marathon Oil's wholly owned subsidiary, Marathon Oil Norge AS, for a total transaction value of $2.7B. After adjustment for debt, net working capital and interest on the net purchase price, Marathon Oil expects net proceeds of approximately $2.1B at closing. The effective date of the transaction is Jan. 1. The companies expect to close the transaction in Q4. The sale includes the Marathon Oil-operated Alvheim floating production, storage and offloading vessel, 10 Company-operated licenses and a number of non-operated licenses on the Norwegian Continental Shelf in the North Sea. FY13 net production in Norway averaged approximately 80,000 barrels of oil equivalent per day.
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