AkerBP ASA Divests 10% in Valhall/Hod
Monday 4 December 2017
Aker BP ASA ("Aker BP") has entered into an agreement with Pandion Energy AS ("Pandion Energy") to divest 10 percent interest in the Valhall and Hod fields for an undisclosed cash consideration.
Aker BP is the operator of the Valhall and Hod fields. In October 2017, Aker BP entered into an agreement to acquire Hess Norge AS*, making Aker BP the sole owner in the fields.
CEO of Aker BP, Karl Johnny Hersvik states in a comment: "After we announced the Hess transaction, we have seen strong interest to partner with Aker BP in the Valhall area. Through this transaction, we get a partner that shares our ambition of developing the upside potential in these fields".
The transaction is subject to customary government approval and closing is expected by the end of 2017.