Hundreds of Dong Energy Workers to Transfer to Ineos Following Acquisition
Over 400 Dong Oil & Gas Business workers will transfer to Ineos in 2017, after the latter company agreed to buy the subsidiary from Dong Energy A/S.
On completion of the deal, anticipated within the third quarter, 440 people will transfer to Ineos, working across a portfolio of production, development, exploration and appraisal assets in Denmark, Norway and UK (West of Shetland). The business will form part of Ineos Upstream, a division of the Ineos Group of Companies.
Ineos agreed to acquire the Dong Oil & Gas Business for an unconditional payment of $1.05 billion, plus a contingent payment of $150 million related to the Fredericia stabilization plant and a contingent payment of up to $100 million subject to the development of the Rosebank field.
Following the acquisition of the entire Dong Oil & Gas Business, Ineos will become one of the top ten producers, and the largest private company, in the North Sea, an Ineos spokesperson said in a statement sent to Rigzone.
Dong Energy’s Oil & Gas business produced an average of 100,000 barrels of oil equivalent per day in the North Sea last year.
“Dong Energy's Oil & Gas Business is a natural fit for Ineos as we continue to expand our upstream interests,” Jim Ratcliffe, Ineos chairman, said in a company statement.
“This business is very important to us at this stage of our growth plans and we are delighted with the expertise that comes with it,” he added.
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