Noreco to remain independent
(Thomson Reuters ONE) -
Stavanger, 23 March 2011: Norwegian Energy Company ASA (Noreco) in October
announced it had commenced a broad review of its strategic alternatives to
enhance shareholder value. Through this review, Noreco and its advisors have
been in dialogue with a number of interested parties and examined different
structural alternatives, including mergers and sale of all or parts of the
company.
After a thorough evaluation of such alternatives and the offers and interests
received, and considering the substantial value creation potential in the
company's portfolio together with the significant improvements in market
fundamentals for oil, the board has concluded that at this point in time a sale
of all or parts of the company would not represent the most value creating
alternative for the company and its shareholders.
Noreco is currently producing around 10,000 barrels of oil equivalents (boe) per
day from eight fields in Denmark and Norway. Next year the company will add
significant new production from ongoing field developments. This will broaden
Noreco's portfolio of producing fields, and will also under the current oil
price environment provide the company with very strong cash flow and an improved
financial position.
The company has a significant exploration program underway which this year will
test a risked resource potential of close to 100 million boe, representing a
substantial value creation potential. The company also has a significant
portfolio of discoveries which will be further de-risked and progressed towards
development decisions.
Noreco will continue to pursue monetization of individual assets or asset
packages with interested parties as part of its ordinary course of business.
Management changes
Noreco today also announces that Scott Kerr has decided to step down as Chief
Executive Officer (CEO) of the company.
"The years in Noreco have been very exciting, and at times also challenging. We
have now completed an extensive strategic review and concluded that Noreco will
continue as an independent E&P company. At this crossroads I have decided to
step down," said Scott Kerr.
"Scott Kerr has been heading Noreco since the start in 2005, and he has been
instrumental in developing the company into a respected industry player with a
strong portfolio and a highly competent staff. We wish Scott the very best as he
moves forward to other challenging ventures," said Noreco's chairman Lars Takla.
The board has appointed Mr. Einar Gjelsvik (38) as acting CEO. Gjelsvik has been
with Noreco since 2006, most recently as Chief Operating Officer. He has also
been the company's Vice President for Strategy and Investor Relations. Before he
joined Noreco, Gjelsvik held various positions in BP. Gjelsvik holds a MSc in
Business Administration & Strategic Management, and a MSc in Chemical
Engineering.
Mrs. Rebekka Glasser Herlofsen (40) has been appointed as Chief Financial
Officer (CFO). Herlofsen has been a member of Noreco's board since 2009, but
will step down from the board in connection with this appointment. She has broad
experience as a board member in several companies, as well as from management
positions in BW Gas and Enskilda Securities. Herlofsen is replacing Mr. Erik
Borg who has served as acting CFO since February. Borg will continue as Finance
Manager in the company.
Mr. Kjetil Bakken (39) has been appointed as Vice President Strategy & Investor
Relations. Bakken comes from the position as Investor Relations Manager for the
company, and his previous experience includes equity research in Fondsfinans and
investor relations in Norsk Hydro. He is replacing Mr. Rune Martinsen, who has
accepted a position as Operations Manager for Centrica in Norway. Martinsen has
been with Noreco since the company was founded and has held several management
positions in the company.
Contacts:
Kjetil Bakken, Vice President Strategy & Investor Relations (+47 91 889 889)
Jan Petter Stiff, media contact (+47 995 13 891)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: NORECO via Thomson Reuters ONE
[HUG#1499250]
Unternehmensinformation / Kurzprofil:
Datum: 23.03.2011 - 08:45 Uhr
Sprache: Deutsch
News-ID 52695
Anzahl Zeichen: 5094
contact information:
Town:
Stavanger
Kategorie:
Business News
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