en.Wedoany.com Reported - Vår Energi has agreed to acquire Norwegian peer oil and gas company BlueNord in a cash-and-stock deal valued at 12.84 billion Norwegian kroner (approximately $1.33 billion). Both companies are listed on the Oslo Stock Exchange in Norway. The transaction, approved by both boards of directors, is expected to create Europe's largest independent oil and gas producer.
Under the merger plan, Vår Energi will establish a new subsidiary to merge with BlueNord. BlueNord shareholders will receive 248.4 million newly issued Vår Energi shares and 1.96 billion Norwegian kroner in cash, equivalent to approximately 9.72 Vår Energi shares and 76.83 Norwegian kroner in cash per BlueNord share. Upon completion of the transaction, BlueNord shareholders are expected to hold approximately 9.05% of the expanded Vår Energi, while existing Vår Energi shareholders will retain approximately 90.95%. Italy's Eni will maintain its majority stake in Vår Energi, holding approximately 57.33% of the expanded company.
This merger will add BlueNord's interests in the Danish Continental Shelf to Vår Energi's existing operations on the Norwegian Continental Shelf and in the North Sea. These assets include the Tyra, Halfdan, Dan, and Gorm hub production assets under the Danish Underground Consortium, operated by TotalEnergies. Nick Walker, CEO of Vår Energi, stated that this deal will create Europe's largest independent oil and gas producer, with a long-term production target of approximately 450,000 barrels per day, and will solidify its role as a reliable and secure energy supplier to Europe. He noted that as Vår Energi continues to grow, its natural strategic evolution is to move beyond Norway, and Denmark offers a low-risk, stable operating and fiscal regime with characteristics similar to the Norwegian Continental Shelf.
Starting in 2026, BlueNord's portfolio is expected to add approximately 45,000 barrels of oil equivalent per day in net production to the combined entity. BlueNord also holds approximately 195 million barrels of oil equivalent in net proved plus probable reserves, along with additional near-term contingent resources that could extend forecast production beyond 2040. The production mix of the combined entity is expected to remain approximately 65% oil and 35% natural gas, with continued access to two European natural gas delivery points: Nybro and Den Helder. The transaction is expected to close around the end of 2026, subject to approval from BlueNord shareholders, regulatory clearances, and other customary closing conditions.
Euan Shirlaw, CEO of BlueNord, stated that the merger with Vår Energi creates a North Sea company with true scale and resilience, continuing BlueNord's purpose of providing reliable energy supply to Europe and delivering meaningful returns to shareholders. He noted that since 2019, shareholders have supported BlueNord through the Tyra redevelopment project and have benefited from substantial dividends totaling nearly $800 million. This transaction is the natural next step, offering shareholders ownership of a larger, more diversified investment-grade company with a balance sheet capable of sustainable long-term returns.
In this transaction, SB1 Markets and Barclays served as financial advisors to Vår Energi, Schjødt provided legal counsel, and KPMG handled financial and tax matters. BlueNord's advisors included Jefferies International, BAHR, and Gorrissen Federspiel, and Standard Chartered Bank issued a fairness opinion to the company's board of directors.
In other news, Vår Energi also disclosed its financial results for the second quarter of 2026, reporting an after-tax operating cash flow of $2.1 billion. The company reported net debt of $3.4 billion, a leverage ratio of 0.4 times, and available liquidity of $5.3 billion. Last month, Vår Energi made a final investment decision on the Balder Next New Wells project in the Norwegian North Sea.
