DNO to acquire Sval Energi from HitecVision for $450m.

DNO, a Norwegian oil and gas operator, agreed to acquire Sval Energi, a Norwegian energy company, from HitecVision, a private equity group, for $450m. “This is a rare opportunity to acquire a portfolio of high-quality oil and gas assets on the Norwegian Continental Shelf and we have moved fast to capture it. It given low unit production costs and limited near-term investment requirements, the Sval Energi portfolio is highly cash generative and will help underpin development of the numerous discoveries we have made in Norway recently,” Bijan Mossavar-Rahmani, DNO Executive Chairman.