Seeking Alpha

Statoil to sell $2.65B of assets to Austria's OMV

  • 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)
Comments (4)
  • Darrell
    , contributor
    Comments (257) | Send Message
     
    Is not Statoil a Norwegian company, whose majority owner the Norwegian people?
    19 Aug 2013, 07:01 AM Reply Like
  • David Kronenfeld
    , contributor
    Comments (26) | Send Message
     
    Yes...

     

    http://bit.ly/14d0hmq
    19 Aug 2013, 09:27 AM Reply Like
  • Swedewoods
    , contributor
    Comment (1) | Send Message
     
    Yes, Statoil is a Norwegian company headquartered in Stavanger, Norway, It is an oil and gas, multinational company with operations in 34 countries. Sold on both NY and Olso stock exchanges. They have high requirements for health, safety and environment, winning many awards for their committed leadership in these area, which doesn't run cheap for the company to innovate, lessening their profit. However Statoil is responsibility committed to health, safety and environment, has a very good dividend. Have done good explorations also, team with other world companies.
    19 Aug 2013, 09:28 AM Reply Like
  • SA Editor Yigal Grayeff
    , contributor
    Comments (343) | Send Message
     
    Hi,

     

    You are all right about Statoil being Norwegian and not Swedish.

     

    Apologies for the error, which has been corrected.

     

    Yigal
    20 Aug 2013, 12:51 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|