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Tullow has Spring in its step

Tullow has Spring in its step
Tullow Oil has completed a deal to buy Norwegian explorer Spring Energy Norway.

Tullow Oil has completed a deal to buy Norwegian explorer Spring Energy Norway.

The move will see Roar Tessem, Spring’s chief executive, become managing director of Tullow’s Norwegian companies and have responsibility for Tullow’s assets offshore Norway and Greenland.

It also means Tullow will take over 13 licences awarded to Spring under Norway’s 2012 Awards in Predefined Areas licensing round – four operated.

Tullow said the new licences were complementary and mostly next to current acreage held across the Norwegian continental shelf, including the North Sea, Norwegian Sea and Barents Sea.

Tullow chief executive Aidan Heavey added: “I am delighted to welcome our new colleagues to Tullow and I look forward to working with them.

“The quality of their business and staff has been underlined by their exceptional performance in Norway’s most recent licensing round in which over 40 Norwegian and international companies participated.”

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