Slaughter and May, working with Norwegian firm BA-HR, advised Det norske oljeselskap ASA on the acquisition of Marathon Oil Norway from Marathon Oil Corp in a transaction that values Marathon Oil Norway at US$ 2.7 billion. The transaction, announced on 2 June 2014, is subject to regulatory approvals and is expected to complete in Q4 2014.

Marathon Oil Norway owns 13 licence interests (10 operated) on the Norwegian Continental Shelf and had net production of approximately 80,000 boe per day in 2013.

Det norske has arranged an acquisition loan facility for the cash consideration payable on completion, and has announced plans for a US$ 500 million rights issue and US$ 2.75 billion reserves based loan facility to replace the acquisition loan facility and Det norske's other existing facilities in due course.

CONTACTS

Mergers and Acquisitions: Hywel Davies (partner), Angela Harford (associate), Jonathan Murphy (associate), Bianca Stewart (associate), Ed Milliner (associate), Samantha Brady (associate), Harriett Clover (associate)

BAHR: Jon Christian Thaulow, Trond Lingaas, Simen Skjold Sogaard