Sval Energi acquires Spirit Energy’s Norwegian business, and strengthens its position on the Norwegian Continental Shelf
Stavanger, December 8th 2021
Sval Energi AS is pleased to announce that the company has signed an agreement with Spirit Energy to acquire the majority of Spirit Energy’s Norwegian operations and assets. By this Sval takes a significant step on its growth plan in Norway.
The USD 1,026 milliontransaction is the largest acquisition on the Norwegian Continental Shelf (NCS) since 2019. Under the agreement, Sval Energi will acquire the operations and assets of Spirit Energy Norway AS, apart from its ownership in the Statfjord fields, which will be acquired by Equinor.
- Plateau production from the combined company is expected to reach 60,000 boe/d in 2023.
- The transaction includes 45 licenses (6 operated), including 7 producing fields (2 operated) and several development and exploration opportunities.
This is Sval’s 6th acquisition since acquiring Solveig Gas in 2019. “Through this transaction Sval is further strengthened with an experienced, competent and accomplished team. Spirit Energy’s Norwegian portfolio adds material production and gives us a good asset base for further growth on the NCS”, said Nikolai Lyngø, CEO of Sval Energi.
Following the acquisition of Spirit Energy, Sval Energi’s portfolio will consist of material producing assets as well as ongoing and planned development projects which will add further production in the short to medium term. The portfolio also holds discoveries and exploration licenses with future growth and value potential. Through this transaction, Sval Energi becomes the operator of two producing subsea fields.
“We are taking an active role in all our assets to secure safe and efficient operations, and we work continuously to reduce the carbon footprint from our production. With this transaction, our portfolio will at plateau have an average carbon footprint of approximately 6 kg CO2 per barrel of oil equivalent, well below the average on the NCS”, added Lyngø.
The acquisition has an effective date of 1st January 2021 and is expected to be completed in the second quarter of 2022, subject to standard conditions, including customary approvals from regulatory authorities. The sale constitutes a transfer of undertaking according to the Norwegian Working Environment Act chapter 16. A joint integration project will be established to ensure a safe and efficient integration of the two organizations.
Facts: Spirit Energy Norway
- Full-cycle oil and gas company with operated and non-operated assets
- Nova, Kvitebjørn and Ivar Aasen being amongst top 3 assets
- 11 producing fields (2 operated). 7 of the producing fields, including the operated fields, are part of the Spirit-Sval transaction.
- Several developments and discoveries
- 45 licenses (6 operated)
- Approx. 100 permanent employees
Facts: Sval Energi
- Privately owned Norwegian energy company
- Partner in the Duva and Nova field developments, subsea tie-backs to the Gjøa platform, as well as Dvalin, a subsea tie-back to Heidrun.
- Partner in 24 production licenses on the Norwegian continental shelf
- 58 permanent employees
- This acquisition will add approx. 40,000 boe/d of production at the closing of the transaction, as well as additional resources that will take Sval’s total production to 60,000 boe/d by 2023.
About Sval Energi
Sval Energi is a privately owned Norwegian energy company. Backed by the leading energy investor HitecVision, Sval Energi is building a strong portfolio combining oil and gas resources with decarbonisation value chains. Sval Energi aims to be a major Norwegian player in the energy sector.