Noreco sells Norwegian field stakes

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