Noreco’s sale of Norwegian business falls through

Norwegian oil company Noreco will not be selling its Norwegian petroleum activities to Djerv Energy, at least not for now.

To remind, the company in December said its subsidiary Noreco Norway would sell its exploration licence interests, organisation and management systems, and thus cease its petroleum acitivities in Norway. However, the deal needed an approval by Noreco’s NOR06 bondholders.

According to a statement by Noreco, a bondholder meeting was held in NOR06 on Wednesday at 13:00, at Nordic Trustees offices in Oslo in which 80,14 % of NOR 06 bondholders attended in person or by proxy.

Noreco said that 62,01% of the bondholders voted in favor of approving the proposed sale of Noreco’s Norwegian petroleum activities to Djerv Energy AS. However, since approval of the transaction required a two-thirds majority vote, the NOR06 has not approved the transaction.

“The company will continue to work to preserve values and optimise recovery for bondholders and its shareholders, and will continue to update the market and its stakeholders on the progress in this regard,” Noreco said in a statement.

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