Stavanger, 30 September 2011: Norwegian Energy Company ASA (Noreco) is a 20 percent partner in the Huntington oil field in the U.K. North Sea, which is currently under development. The field will be produced with the Sevan Voyageur FPSO.
The Huntington partnership (the JV) has been monitoring the situation at Sevan closely, and is pleased to learn that a successful agreement has been reached with Teekay. This will allow completion of the Voyageur upgrade and continuation of the Huntington charter arrangements in a timely manner. The JV will continue to monitor events closely until such time as the envisaged restructuring is fully completed.
Einar Gjelsvik, CEO (+47 992 83 856)
Rebekka Herlofsen, CFO (+47 916 60 269)
Kjetil Bakken, VP Investor Relations (+47 91 889 889)