- Statoil (STO) has agreed to sell stakes in key offshore Norwegian fields to Austrian company OMV (OMVJF.PK) for $2.65B.
- Under the deal, Statoil's holding in the Gullfaks field will drop to 51% from 70%, and in the Gudrun field to 51% from 75%. The Norwegian company is also exiting two other fields near Scotland.
- The transaction includes a contingent payment as well and a partnership between the two companies.
- Statoil expects to recognize a gain from of $1.3-1.5B from the deal, which will allow it to reallocate $7B of capital expenditure. (PR)