Houlihan Lokey Advises Equinor ASA

Houlihan Lokey is pleased to announce that Equinor ASA (Equinor) has sold a 28% stake in the Norwegian offshore PL037 licence (Statfjord Unit, Statfjord Nord, Statfjord Øst, Sygna) to OKEA for a base consideration of $220 million. The transaction closed on 29 December 2023.

Equinor, majority-owned by the Norwegian state, is one of the world’s major energy companies. They are Norway’s largest offshore operator and a growing force in renewables and low-carbon solutions. Present in about 30 countries with approximately 22,000 employees, it provides energy for societies worldwide and aims to become a net-zero company by 2050.

OKEA ASA (OKEA) is a leading mid-to-late life operator on the Norwegian Continental Shelf with approximately 400 employees.

This deal represents the sale of a 28% interest in the Norwegian offshore PL037 licence (Statfjord Unit, Statfjord Nord, Statfjord Øst, Sygna) for a base consideration of $220 million, consisting of an upfront consideration of $160 million and a 30-day deferred consideration post-completion date of $60 million, plus a contingent consideration.

Houlihan Lokey acted as the exclusive financial advisor to Equinor on the sale of the PL037 licence and advised on the sellside process, the structuring of the transaction and assisted on the negotiation of the transaction documentation.