BP, Det Norske Plan Listed Joint Venture
June 10 2016 - 2:43AM
Dow Jones News
By Ian Walker
LONDON--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.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 10, 2016 02:28 ET (06:28 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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