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Aker BP, Lundin merger expected to complete on June 30

© Supplied by Aker BPAker BP Lundin merger
Aker BP's Ivar Aasen platform. Supplied by Aker BP

A planned takeover of Lundin Energy’s exploration and production business by Aker BP is forecast to complete at the end of the month.

In an update published on the Oslo Stock Exchange, Aker BP said it expects the deal to go through on June 30 by final registration in the Norwegian Register of Business Enterprises.

More details about the “exact timeline for the completion of the merger”, as well as “information regarding settlement”, will be given nearer the time.

AkerBP announced it would buy Lundin Energy’s E&P business via a combination of cash and shares in December, in a move aimed at creating Norway’s second-largest oil and gas producer.

Updated plans were released in February, outlining that Lundin had formed Lundin Energy MergerCo AB, a new Swedish listed subsidiary for the purpose of the merger.

The division currently holds all of its E&P business.

Lundin Energy’s shares in the merger division will be distributed to shareholders by way of a “so-called Lex Asea dividend”.

Each share in Lundin Energy will be entitled to one share in the subsidiary.

Aker BP will then combine with Lundin Energy MergerCo, with shareholders receiving a combination of stakes in Aker BP, in the form of Swedish Depositary Receipts, and cash.

Speaking in December, Welligence vice president Dave Moseley described the takeover as “one of the biggest deals in the North Sea this millennium.”

The new company will be the second largest oil and gas producer on the Norwegian Continental Shelf (NCS), with a combined oil and gas production of approximately 400,000 barrels of oil equivalent per day.

It will operate six major production hubs, in addition to being the second largest owner of the giant Johan Sverdrup oil field, with further growth through participation new field development projects such as NOAKA, Wisting and Valhall NCP/King Lear, as well as continued field development activities around existing assets.

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