Noreco unloads Norway unit in clearance sale

Norwegian offshore unit Noreco has for a long time been balancing on the verge of bankrupty. Djerv is now acquiring the group's Norwegian business in what can best be described as a clearance sale.

Photo: Magnus Holm, Polfoto

It is the end of the road for Noreco Noway. In a corporate statement, parent group Norwegian Energy Company informs that it is selling Noreco Norway along with all accompanying licenses, organization and staff to company Djerv Energy. The only thing not included in the sale to Djerv is the 4.36 percent stake in oil field Enoch on the border between the British and Norwegian North Sea. This stake is sold to CapeOmega.

But things are not entirely over, because while the majority owner of Djerv Energy - a company founded in late September this year - is registered as a US-based equity fund, the Norwegian parent company will keep 30 percent.

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