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Edison announced on 30 December 2020 an agreement to sell its Norwegian subsidiary, Edison Norge AS, to Sval Energi AS (backed by HitecVision) based on an enterprise value of USD 300 million and 1 January 2020 as the financial effective date.
The sale of Edison Norge AS includes the oil fields Dvalin (10 %) and Nova (15 %), two development assets planned to start production in the near future. Dvalin is a subsea tie-back to Heidrun and will export natural gas through the Polarled pipeline, and Nova is a tie-back to the Gjøa platform. Both assets are low-emission development projects. More information about the transaction is available in the press release from Edison. HitecVision has also published a press release on the transaction.
Arntzen de Besche acts for Edison in connection with the transaction. The core advisory team at Arntzen de Besche is led by Anders Rødland (E&P/M&A) and Jens Baumann Melberg (M&A/E&P), and also includes Rune Tjomsås Andersen (tax), Frode Martin Toftevåg (employment law) and Espen Tollefsen Hanstad (E&P/M&A). The assignment is the latest addition to a long list of previous deals in the oil and gas sector on which Arntzen de Besche has advised, and reflects the firm’s strong presence as advisor on both seller and buyer positions in the E&P transaction market.