– En kombinasjon av Centricas europeiske E&P-virksomhet og Bayerngas Norge AS vil gi et slagkraftig selskap med langsiktige ambisjoner. Norsk sokkel blir et viktig satsingsområde for det nye selskapet. Dette er en avtale som vil styrke vår posisjon og gi oss nye muligheter, sier administrerende direktør Dag Omre i Centrica E & P Norge, i en uttalelse.
– Planen om å inngå et strategisk partnerskap for å styrke våre eieres oppstrømsengasjement er nå i ferd med å bli virkelighet. Vi er glade for å ha fått på plass en avtale der Bayerngas Norge AS og Centricas olje- og gassvirksomhet slås sammen for å danne et sterkt europeisk oppstrømsselskap, sier administrerende direktør Arne Westeng i Bayerngas Norge AS.
Selskapets hovedkontor vil ligge i Storbritannia.
Pressemelding;
Centrica plc (“Centrica”) and Stadtwerke München GmbH (“SWM”) have reached an agreement to combine Centrica’s European oil and gas exploration and production (“E&P”) business with Bayerngas Norge AS (“Bayerngas Norge”) to form a newly incorporated joint venture (“Joint Venture”) (the “Transaction”) and create a leading independent European E&P company. The Joint Venture will have two shareholding entities. Centrica will own 69% and Bayerngas Norge’s existing shareholders, led by SWM and Bayerngas GmbH, will own 31%. The effective date of the transaction is 1 January 2017 and it is expected to close in the fourth quarter of 2017, subject to competition and regulatory approvals and other conditions.
The Joint Venture will create a strong and sustainable European E&P business by combining Centrica’s cash-generative and relatively near-term production profile with Bayerngas Norge’s more recently on-stream producing assets and development portfolio. The strategic rationale for the transaction is similar for both Centrica and SWM:
- Like-minded shareholders with strategic alignment on the role of E&P.
- Combines a complementary mix of producing and development assets with strong positions in the UK, Netherlands, Norway and Denmark.
- Creates a robust, self-financing entity with an attractive financial profile, enabling organic and inorganic reinvestment and distributions.
- £100-150 million of net present value (NPV) expected through synergies from cost savings and portfolio optimisation.
- Provides the opportunity to strengthen the entity through further consolidation and joint ventures, including the potential for an initial public offering (IPO) in the medium term.