There has been a deal struck between Noreco and DONG energy. They have come to an agreement that they shall sell their interests in the Siri Field in Denmark.
The deal comes with a number of implications. It has 50% interest in license 6/95 in Denmark. Besides this, the deal also implicates that Noreco cannot carry any future or historical costs that are in related with the permanent repair solution for the Siri Field. The total cost of the same has been estimated to be as much as DKK 2 billion.
The right to sell the interests in Siri has been retained by Noreco till the 30th of August, at a comparatively higher price. As for now, Noreco is also of the retention of the future as well as existing insurance claims that relate to the damage caused to the support structure of caisson of the Siri Platform.
"This agreement is positive for Noreco because it removes the inherent uncertainty around the Siri situation. We now know that Noreco will not take part in the future investments on Siri”, says Einar Gjelsvik, CEO in Noreco.
“We also know that the operator DONG Energy will take all necessary steps to secure continued operations on Siri, which will benefit Noreco as a partner in the satellite fields Nini East, Nini and Cecilie”, he added further.