HitecVision sells Spring Energy Norway to Tullow Oil

The remaining 12.4% held by other shareholders was also sold as part of the transaction – the deal valued the whole business at $372.3m.

The sale also includes a clause for bonus payments in the event of commercial exploration success. The bonus is capped at $150m per prospect and $300m in aggregate. The deal is still awaiting approval from the Norwegian ministries of energy and finance.

Acquirer Tullow Oil is traded on the stock exchanges in the UK, Ireland and Ghana, under the ticker symbol TLW. It is also part of the FTSE 100 index.

HitecVision acquired Spring Energy Norway for $120m in April 2008.

Company
Spring Energy Norway is an Oslo-based oil and gas exploration and production firm. It holds 28 offshore licences in the Norwegian and Barents Sea and has made six commercial discoveries since 2008. Spring Energy employs 37 people in Oslo.  

People
Roar Tessem, CEO of Spring Energy Norway, will become managing director of Tullow Norge and manage the company's offshore assets in Norway and Greenland. Aidan Heavey is CEO of Tullow Oil.

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