LogIn LogOut

DNO Makes $780 Mln Cash Bid for Faroe Petroleum

December 12, 2018

Faroe holds a 7.5 percent equity stake in the Njord field, operated by Equinor
 (Photo: Thomas Sola / Equinor)
Faroe holds a 7.5 percent equity stake in the Njord field, operated by Equinor (Photo: Thomas Sola / Equinor)

Norway's DNO is sticking to its offer to buy Faroe Petroleum for 152 pence per share, valuing the company at about 610 million pounds ($761.65 million), insisting it is an attractive offer despite its rejection by the Faroe board.

The Faroe board has said the company was worth substantially more than the bid, first announced on Nov. 26. DNO already owns 28 percent of Faroe Petroleum.

Faroe Petroleum shares traded up 0.3 percent to 153.4 pence per share by 0840 GMT while DNO's were up 0.8 percent, in step with a European Oil and Gas index up 0.4 percent.

"This full and fair offer provides Faroe shareholders a rare opportunity to exit their relatively illiquid AIM-listed positions at an attractive price in a volatile and uncertain market for oil and equities," Bijan Mossavar-Rahmani, Executive Chairman of DNO, said in a statement on Wednesday.

Acceptances must be received by 1300 GMT on Jan. 2, the first closing date of the offer, unless the acceptance period is extended, DNO said.

($1 = 0.8009 pounds)

(Reporting by Ole Petter Skonnord Editing by Alexandra Hudson)

Current News

Eni Behind the Acquisition of KrisEnergy's Vietnam Block

Eni Behind the Acquisition of KrisEnergy's Vietnam Block

Derazona Orders Airbus' H160 Helicopter for Oil and Gas Sector in Indonesia

Derazona Orders Airbus' H160 Helicopter for Oil and Gas Sector in Indonesia

Shearwater Wins 3D Seismic Survey Gig Offshore Vietnam

Shearwater Wins 3D Seismic Survey Gig Offshore Vietnam

Boskalis Serves MMHE with Arbitration Notice, Seeking $12M for Bokor Project Delays

Boskalis Serves MMHE with Arbitration Notice, Seeking $12M for Bokor Project Delays

Emperor Energy Buys Judith Field Seismic Data. Gets More Time to Find Drilling Partner

Emperor Energy Buys Judith Field Seismic Data. Gets More Time to Find Drilling Partner

China: CNOOC Searching for Three Missing After Fire on Offshore Platform Doused

China: CNOOC Searching for Three Missing After Fire on Offshore Platform Doused

Velesto Secures 7-well Drilling Deal with Shell in Malaysia

Velesto Secures 7-well Drilling Deal with Shell in Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com