Endeavour Closes Sale of Norwegian Subsidiary for $150MM

Endeavour has closed the sale of its Norwegian subsidiary, Endeavour Energy Norge AS, to VNG- Verbundnetz Gas AG, for the total consideration of USD $150 million.

In conjunction with the closing, Endeavour paid down approximately $27 million in debt, reducing total net debt to approximately $50 million. These proceeds will be directed toward supplementing cash flow from operations to fund three major field developments in the United Kingdom as well as exploration and new business development opportunities in the North Sea and United States.

"The sale of our Norwegian subsidiary has clearly demonstrated the inherent value that Endeavour offers stockholders in the remainder of its portfolio," said William L. Transier, chairman and chief executive officer. "The proceeds will accelerate the development of our Rochelle, Cygnus and Columbus fields that will serve as the foundation for our future production growth as well as fund shorter-cycle time and lower cost opportunities in the United States that complement our core business in the United Kingdom."

Related Companies
 Company: Endeavour International Corporationmore info
 - Endeavour Halts Drilling Ops at East Rochelle (Feb 14)
 - Endeavour: Transocean Semisub Mobilized to Rochelle Field (Jan 7)
 - Endeavour CFO Resigns (Oct 29)

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Protection Coordinator
Expertise: Risk Management|Security
Location: TX
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours