DNO ASA has agreed to acquire Sval Energi Group AS for USD 450 million, significantly enhancing its oil and gas portfolio in the Norwegian Continental Shelf.

Information on the Target

DNO ASA, a reputable Norwegian oil and gas operator, has finalized an agreement to acquire 100% of the shares of Sval Energi Group AS from HitecVision for a cash consideration of USD 450 million, based on an enterprise value of USD 1.6 billion. This acquisition is set to enhance DNO's portfolio by integrating Sval Energi's extensive assets, which include participation in 16 producing fields offshore Norway and significant reserves and resources.

The Sval Energi assets feature a net production of 64,100 barrels of oil equivalent per day (boepd) for the year 2024, with net proven and probable (2P) reserves amounting to 141 million barrels of oil equivalent (boe) and net contingent (2C) resources of 102 million boe. DNO anticipates that this acquisition will further solidify its standing as a leading independent oil and gas company in Europe.

Industry Overview in Norway

The oil and gas industry in Norway is a major contributor to the national economy, characterized by its robust regulatory framework and technological advancements. Norway is known for its favorable exploration environment, particularly in the North Sea region, whic