Deal Insight
Suncor exits Norway to PE-backed Sval Energi
Report summary
On 5 August 2022, Suncor Energy announced it had sold its Norwegian business to Sval Energi, a HitecVision-backed vehicle, for US$320 million. The portfolio contains two commercial assets: Oda and Fenja. With a gearing ratio of 29%, Suncor is by no means a cash strapped seller but having been active in Norway since 2016, the business had reached a crossroads. Exploration efforts – including a brief foray into the Barents Sea – have largely underwhelmed and delivering further growth beyond Fenja has been a challenge. For Sval, the deal will add 4,000 boe/d of production in 2022, increasing to 7,000 boe/d in 2024 following the ramp up of Fenja. It takes Sval's total output up to 95,000 boe/d in 2024, just shy of its 100,000 boe/d target.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
- Upsides and risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes 6 images and tables including:
- Executive summary: Table 1
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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