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    Aker BP-Lundin wraps up

Summary

The merged company is the second-largest operator on the Norwegian shelf.

by: NGW

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Complimentary, Natural Gas & LNG News, Europe, Corporate, Mergers & Acquisitions, Exploration & Production, News By Country, Norway

Aker BP-Lundin wraps up

Aker BP said on June 30 that its merger with Lundin had been completed, with the ambition of creating the "world's best oil and gas company with low costs, low emissions, profitable growth and attractive dividends."

The merged company is the second-largest operator on the Norwegian shelf, with a combined project of around 400,000 barrels of oil equivalent/day.

"We will lead the way when it comes to low costs, low carbon, profitable growth and attractive dividends," Aker BP's chairman Oyvind Eriksen said in a statement. "We will also take the lead to bring about fundamental improvements, such as through digitalisation."

The merger deal was struck in December. The merged company is 21.2% owned by Aker, 15.9% by BP, 14.4% by Nemesia and 48.6% by other Aker BP and Lundin shareholders. The transaction was settled with the payment of $2.22bn and the issue of 271.91mn shares in the combined entity to Lundin shareholders.