Det norske shareholders approve merger with Aker Exploration

Offshore staff

TRONDHEIM, Norway -- Det norske oljeselskap’s shareholders have approved its merger with Aker Exploration ASA.

The shareholders will receive 1.403328 shares in Aker Exploration for every Det norske share. Based on the exchange ratio, shareholders in Det norske will hold 82% in the combined company, while shareholders in Aker Exploration will hold the remaining 18%.

The merger is expected to be finalized by the end of this year. The merged company will take the name Det norske oljeselskap ASA. Aker ASA will become the largest shareholder in the company. Based on current shareholdings and transactions, Aker will hold just above 40% of the shares. Following the merger, the company will operate 32 licenses and have a portfolio of 70 licenses.

The merger execution is conditional upon approval from Norwegian authorities and third parties, and it is also a condition that the shares in the merged company are listed on the Oslo Stock Exchange.

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

10/20/2009