Boards approve merger plan for Det norske, Aker Exploration

The boards of Det norske and Aker Exploration have approved the companies’ merger plan.

Offshore staff

OSLO -- The boards of Det norske and Aker Exploration have approved the companies’ merger plan. The merged company will have a strong presence along the coast of Norway, with its registered address in Trondheim and offices in Stavanger, Oslo, and Harstad. According to the plan, the company will retain the name Det norske oljeselskap ASA and Erik Haugane will be CEO. Kjell Inge Røkke, chairman of the board of Aker Exploration, will be proposed as chairman of the board of the new Det norske oljeselskap ASA.

The merged company will be the second biggest oil company on the Norwegian continental shelf with operatorship of 32 licenses and interests in 70 additional licenses. The merged company has long-term contracts with two floating rigs, Song Delta and Aker Barents.

09/17/2009

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