Marathon Oil closes sale of Norway business

Marathon Oil Corp. has closed the transaction with Det norske oljeselskap ASA for the sale of Marathon Oil Norge AS for a total transaction value of $2.7 billion.

Offshore staff

HOUSTONMarathon Oil Corp. (NYSE: MRO) has closed the transaction with Det norske oljeselskap ASA for the sale of Marathon Oil Norge AS for a total transaction value of $2.7 billion. After adjustment for debt, net working capital and interest on the net purchase price, Marathon Oil received proceeds of $2.1 billion.

The Norway sale includes the operatedAlvheim FPSO vessel, 10 company-operated licenses, and a number of non-operated licenses on the Norwegian continental shelf in the North Sea. Full-year 2013 net production in Norway averaged 80,000 boe/d.

10/16/2014

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