Faroese oil firm Atlantic Petroleum is seeking buyers for all or parts of the company, it said on Monday, adding that it would otherwise have to raise cash to continue its current operations. The firm, headquartered in the Faroe Islands and listed in Copenhagen and Oslo, said in a statement it had hired bankers Pareto Securities to explore potential deals that could include a sale or merger of the firm or selling its British and Norwegian assets.
Atlantic Petroleum has announced it will relocate its finance function to Bergen and close its Torshavn in Norway. The company said its current chief financial officer, Mourits Joensen, will leave the company with immediate effect. Nigel Thorpe, currently business development director, will become interim chief financial officer.