Endeavour has signed a definitive agreement to divest its Norwegian subsidiary, Endeavour Energy Norge AS ("EEN"), to Verbundnetz Gas AG ("VNG") for cash consideration of US $150 million. The transaction is subject to certain government approvals and regulatory compliance processes that are expected to be completed within 60 days.
"We believe the sale of EEN is in the best interest of Endeavour and its stockholders as it gives the company the financial flexibility and strength to capitalize on its drilling success in the United Kingdom and to actively pursue its growth strategy of shorter-cycle, lower-cost opportunities in the United States," said William L. Transier, chairman and chief executive officer.
"In a short period of time, we built a high-quality technical and commercial team which has developed an investment portfolio that firmly positions EEN for future growth. We are pleased that VNG recognizes this talent base and will use it as a foundation for its upstream business in Norway."
The decision to enter the transaction represents a strategic shift for the company that recognizes the following factors:
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