Det norske oljeselskap completes Aker Exploration merger

Offshore staff

TRONDHEIM, Norway -- Det norske oljeselskap has completed its merger with Aker Exploration. The merged company will operate 32 licenses and have a portfolio of 70 licenses. It will continue under the name Det norske oljeselskap with Aker Exploration as the merged company's largest shareholder.

The company has licenses in mature areas close to existing infrastructure. It has ownership interests in producing fields and a portfolio of discoveries that will be developed in coming years. The company also has long-term agreements for two semisubmersible drilling rigs, Songa Delta and Aker Barents.

“The merger is a major step in order to make Det norske into an effective company on the Norwegian shelf,” says CEO Erik Haugane. “The merger will give us a wider portfolio of exciting prospects, better access to rig capacity, and a primary owner with industry know-how and significant financial muscle.”

12/23/2009