DNO has slashed its budget to shore up its balance sheet in the face of “unprecedented market convulsions” and plunging oil prices triggered by the coronavirus pandemic.
DNO, which took over Aberdeen-based Faroe Petroleum last year, has taken £112million of impairments costs related to its newly-acquired fields in the North Sea.
A new North Sea firm, created by the former bosses of Faroe Petroleum, has announced it is evaluating "a number" of potential acquisition targets.
Energy giant Equinor has announced it has snapped up almost two dozen new production licenses in the Norwegian Continental Shelf.
DNO’s hostile takeover of Faroe Petroleum a year ago boosted the Norwegian oil firm’s North Sea production by 17,400 barrels per day (bpd) in 2019.
There were six exploration wells active offshore Norway as of December 30. One well was completed, and three were spudded in December.
A fledgling plug and abandonment firm which recently received a £66 million investment has said it “expected” its £2.7m loss.
North Sea oil and gas veteran Graham Stewart said yesterday a sense of “unfinished business” spurred his decision to launch a new, acquisition-hungry player.
A North Sea oil and gas executive who led Faroe Petroleum before the Aberdeen-based firm fell to a hostile takeover has set up a new company.
More Norwegian acquisitions of UK oil and gas assets and businesses are on the cards later this year and into 2020, a top Aberdeen accountant has said.
Faroe Petroleum returned to the black in its final full year before falling year of a hostile takeover by Oslo-based DNO.
An Aberdeen-headquartered firm has made a huge breakthrough in its mission to become a dominant force in the oil-well decommissioning market.
Aberdeen-headquartered Faroe Petroleum has changed its name following a takeover by Norwegian operator DNO.
Norwegian oil and gas operator DNO has pledged a multi-million North Sea investment after a slight Q1 profit rise for the firm.
Aberdeen-headquartered Faroe Petroleum and Norwegian energy giant Equinor have announced the completion of a series of asset swap stakes for several oil fields in Norway.
Norwegian oil and gas operator DNO said today that it can initiate the compulsory acquisition of the remaining shares in Faroe Petroleum.
Oil firm Faroe Petroleum has announced the departure of five directors, including chief executive Graham Stewart.
Energy giant Shell has been lined up to take over as operator of one of the central North Sea’s largest undeveloped prospects.
Faroe Petroleum’s chief executive will pocket £12.5million as he leaves the company following a hostile takeover by Norwegian oil operator DNO.
DNO could become a “more dominant player” in the North Sea with its takeover of Faroe Petroleum, according to an analyst.
Faroe Petroleum's board has conceded defeat in its fight against a takeover bid by Norwegian oil explorer DNO.
Norway's DNO is on track to seize control of Aberdeen-headquartered oil company Faroe Petroleum.
Norwegian oil explorer DNO has increased its offer to acquire Aberdeen-based Faroe Petroleum, as its pursuit of the North Sea firm continues.
Norwegian firm DNO has urged its takeover target, Faroe Petroleum, to provide "transparent and timely" operations updates.
Norwegian oil firm DNO said today that it had snapped up more equity in takeover target Faroe Petroleum.