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DONG Energy becomes 100% renewable

Dong Energy has announced on May 24, 2017 the selling of the entire share capital of its oil & gas business to INEOS, becoming a pure play renewables company.

The entire share capital of DONG E&P A/S was divested to INEOS for an unconditional payment of USD 1,050 million (DDK 7.0 billion) on a cash and debt free basis. INEOS will also make a contingent payment of USD 150 million for Fredericia stabilization plant and up to USD 100 million subject to the development of offshore Rosebank field.  
 
INEOS will take over decommissioning liabilities and approximately 440 employees working for DONG Energy Oil & Gas will be transferred to the acquiring company.
 
Henrik Poulsen, CEO of DONG Energy, has declared:
“Since the decision in 2016 to divest our upstream oil and gas business, we’ve actively worked to get the best transaction by selling the business as a whole, getting a good and fair price for it and ensuring the optimal conditions for the long-term development of the oil and gas business. With the agreement with INEOS we’ve obtained just that.”
 
Last year, all Dong Energy’s fields produced an average of 100,000 Barrels of Oil Equivalent Per Day (BOEPD).
 
Closing of the transaction is subject to regulatory and certain other third-party approvals and is expected to take place in the third quarter of 2017.
 
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