2009-09-25-2009-08-25

To acquire company with assets on Norwegian Continental Shelf.

Norwegian E&P companies Det norske oljeselskap ASA, Trondheim, and Aker Exploration ASA, Stavenger, plan to merge, creating what they say will be the second biggest company operating on the Norwegian continental shelf in terms of licenses and operatorship. "The combined company will be able to grow more rapidly, both through organic growth and by adopting a forceful approach to continued restructuring in the industry," the companies said in a joint statement. "The companies complement each other and, together, they will be an even stronger partner for other oil companies and the authorities in the further development of the Norwegian continental shelf." Det norske's shareholders will own 82% of the merged company. Aker ASA will be the largest shareholder in the company with around 30% of the shares, based on Aker's present ownership in the two companies. After the merger, the company will be operator for 32 licenses and it will have 70 licenses in its portfolio. The combined company will retain the name Det norske oljeselskap ASA. Det norske CEO Erik Haugane will be CEO. Kjell Inge Røkke, chairman of Aker Exploration, will be proposed as chairman of the new Det norske oljeselskap ASA. RS Platou is adviser to Det norske. Carnegie is adviser to Aker Exploration.