DnB NOR to Open Office in Houston

DnB NOR will open a representative office in Houston in the first quarter of 2006.

"DnB NOR aims to be a global bank within the energy sector. Thus, it is important for us to establish a presence in Houston, Texas, the undisputed energy capital of the world, " says Leif Teksum, head of Corporate Banking in DnB NOR.

80 per cent of DnB NOR's energy customers in the US market are currently located in Texas or states bordering Texas. In recent years, a number of Norwegian companies with oil-related operations have become established in this region. The majority of potential customers are also located around this area.

"The representative office will bring us closer to both customers and the market. This will strengthen our position relative to existing and potential US and international customers, while bringing us closer to our Norwegian customers' operations in the US market," says Teksum.

The new representative office will be headed by Espen Kvilekval, who has worked in DnB NOR's energy section since 2001. He currently heads the Group's energy department in New York, and has previously worked in the Ministry of Oil and Energy where his job included the privatization of Statoil.