Saga Petroleum’s saga over
Statoil collaborated with Hydro in the acquisition process and, in return for its shareholding in Saga, received 25 per cent of the company’s total assets.
As a listed company, Hydro was freer to implement a take-over than Statoil. The latter acquired holdings in a number of licences on both Norwegian and British continental shelves, and the operatorship for Halten Bank South – with the Kristin field – in the Norwegian Sea. In accordance with the take-over deal, Statoil also became operator on 1 January 2003 for the Snorre, Vigdis, Tordis and Visund fields. The company secured Saga’s 1.6 per cent holding in Statfjord, boosting its overall interest from 42.73 to 44.34 per cent.
Petter Nore. Norsk Hydro’s Takeover of Saga Petroleum in 1999. A Case Study,
Store Norske Leksikon.