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The largest transaction on the Norwegian Continential Shelf in 2017

On 24 October, Hess Corporation announced that it is selling its Norwegian subsidiary, Hess Norge AS, to Aker BP ASA for total proceeds of USD 2 Billion.

The transaction includes Hess Norge’s interests in the Valhall and Hod fields on the Norwegian Continental Shelf.

The transaction is subject to customary conditions for completion, including approval by the Ministry of Petroleum and Energy, Ministry of Finance and relevant competition clearance. Completion of the transaction is expected by the end of 2017.

Arntzen de Besche is assisting Hess in the transaction. Arntzen de Besche’s team is being led by partner Anders Rødland, with assistance from core team members Henrik Braavold Johansen, Steinar Eskild Trovåg and Kjerstin Falkum Løvik. 

The press release by Hess Corporation is available here, and the press release by Aker BP ASA is available here