Noreco sells Norwegian field stakes

Norwegian Energy Co. (Noreco) has completed the sale of its interests in the Brage and Hyme oilfields offshore Norway to Core Energy.

Jul 28th, 2011

Offshore staff

STAVANGER, Norway – Norwegian Energy Co. (Noreco) has completed the sale of its interests in the Brage and Hyme oilfields offshore Norway to Core Energy.

The consideration to Noreco is $85 million net of tax, and effective from Jan. 1, 2011. A further settlement will be made for the interim period between the effective date and the transaction’s completion date.

07/28/2011

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