OKEA has completed the purchase of property from Equinor in the Statfjord area. The company announces a significant write-off following updated forecasts and expects to record a write-off of NOK 1.1 to 1.6 billion in the accounts for the fourth quarter of 2023. The goodwill-related value adjustment will impact the accounts. In the same way before and after tax, the company writes in the stock exchange announcement.
In light of current expectations and due to the dividend restrictions on the OKEA04 Bonds, the Board of Directors has no intention of proposing any dividend plan in 2024.
– The team has recently undertaken a very comprehensive process in order to take the best possible care of our shareholders' values in the short and long term. After a comprehensive evaluation, we have concluded that the best way forward for OKEA is to complete the transaction, says CEO Sven J. Liknes,
The market reacts by reducing the price from NOK 31.08 to NOK 25.74, which equates to more than 17 percent.
As part of the agreement between OKEA and Equinor, US$60 million of the purchase price will be deferred until the end of January 2024.
At the same time, we maintain our strategy of being the leading operator of mature fields on the continental shelf. Together with our licensing partners and Equinor, we will contribute our expertise and experience to further develop the full potential of the Statfjord region,” says Leknes.
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