EnergyWatch

DNO repeats bid for Faroese oil outfit, criticizes management

Norwegian oil and gas operator DNO makes its second bid for Faroe Petroleum. This time, the former baits the latter's management with a handsome premium of GBP 50 million but in the same breath criticizes the very same management for having "jettisoned a crown jewel asset" in a swap deal with Equinor.

Photo: Ritzau Scanpix/Claus Bonnerup.

Norwegian oil and gas operator DNO is once again tempting the management of Faroe Petroleum with a takeover offer of GBP 445, informs DNO in a stock exchange notice.

The bid amounts to GBP 1.52 per share, thus valuating the acquisition target at GBP 445 million. DNO's bid is a reiteration of its offer made some weeks ago – a bid Faroe rejected.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Employee of Danish marine fuel supplier charged for corruption in Singapore

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

EU awards big aid for Danish scaled green hydrogen push

The European Union has green-lit millions of euros of subsidy for a 100MW hydrogen project in Denmark with the involvement of several big domestic players. The project is meant to be the enabling stepping stone for GW-scale H2 projects as well as electrolysis at sea.

Further reading

Related articles

Trial banner

Latest News

See all jobs