Largest Independent Producer
Vår Energi and BlueNord have agreed on a combination of its businesses, making Vår Energi the largest independent producer of oil and gas in Europe.
The transaction adds high-quality, long-life assets on the Danish Continental Shelf (DCS) with stable long-term production and limited near-term investments, supporting resilient cash flow, strengthening Vår Energi’s long-term dividend capacity, and reaffirming its position as a reliable and secure energy supplier to Europe.
The DCS is an attractive offshore basin with a stable and supportive fiscal regime and strong geological and operational similarities to the Norwegian Continental Shelf, and Vår Energi’s existing assets in the North Sea.
The boards of directors of both Vår Energi and BlueNord have approved the proposed transaction and consider it to be in the best interests of each company and their respective shareholders.
The transaction will be executed by Vår Energi, establishing a new subsidiary which will be merged with BlueNord ASA. BlueNord shareholders will as a merger consideration, receive 248.4 million new Vår Energi shares and NOK 1,964 million (USD 204 million) in cash; equating to 9.7153 shares in Vår Energi and NOK 76.83 in cash as consideration for each share held in BlueNord.
