Edvard Grieg field

Lundin Norway AS has announced that it will acquire an additional 15% stake in the Edvard Grieg oil field in the Norwegian North Sea and associated pipeline assets from Statoil Petroleum AS (Statoil Norway) to expand its asset base in offshore Norway.

Lundin has agreed to pay $466.56m for the deal, which is anticipated be funded through issue of new shares to Statoil.

The disinvestment will allow Statoil to increase its indirect exposure to key assets including Edvard Grieg and Johan Sverdrup fields.

Nordic American Tankers Limited has agreed to pay $106m to acquire four Suezmax tankers built in Japan, from an undisclosed company.

The new fleet includes two 2004-built, a 2003-built and a 2000-built crude oil tanker. Delivery is due in July.

The purchase will help expand Nordic American’s shipping operations, while increasing total fleet size to 30.

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Lundin Petroleum AB has announced the issue of 3,735,309 shares through a private placement. The issue will be subscribed by Statoil ASA, andl raise gross proceeds of $68m.

The placement involves the issue of treasury shares and new shares, and is scheduled for completion by July.


Image: Edvard Grieg field is located in the central North Sea, 180km west of Stavanger, Norway. Photo: courtesy of Statoil.