In a high-stakes move that could redefine Norway’s energy landscape, DNO ASA has struck a deal to acquire Sval Energi from private equity powerhouse HitecVision AS for $450 million in cash. The transaction will significantly expand DNO’s production footprint in the North Sea, propelling it into a new league of industry heavyweights.
The acquisition, expected to close by mid-2025, is being financed through a blend of cash reserves and debt, with Norwegian legal firm Advokatfirmaet Thommessen AS providing legal counsel and Pareto Securities Ltd. advising on financial strategy.
A Fast-Paced Play for a Rare Prize
DNO’s Executive Chair Bijan Mossavar-Rahmani wasted no time in underscoring the urgency behind the deal.
“We moved fast to capture a rare opportunity to acquire high-quality oil and gas assets on the Norwegian continental shelf,” Mossavar-Rahmani declared in a statement to the Oslo exchange.
The acquisition, he emphasized, is poised to be a cash-generating machine, thanks to Sval’s low unit production costs and minimal near-term investment needs. The deal is also set to fuel the development of multiple oil and gas discoveries DNO has made in Norway in recent years.
