Wiersholm assisted Norse Energy Corp. ASA

Wiersholm assisted Norse Energy Corp. ASA

Wiersholm assisted Norse Energy Corp. ASA in relation to Sector Speculare acquisition of 30% stake in Norse Energy do Brazil Ltda.

Norse Energy Corp. ASA, a Norway based oil and gas exploration company, has sold 30% of the shares in the previously wholly-owned subsidiary Norse Energy do Brazil for a cash consideration of USD 30 million. The buyer is Sector Speculare (Private Equity) IV, a fund managed by Sector Omega ASA. Funds managed by Sector are also the largest shareholder in Norse Energy Corp. ASA.

The transaction values Norse Energy do Brazil at enterprise value USD 210 million. Included in this is debt of USD 43 million to the parent company Norse Energy Corp ASA. USD 10 million of the proceeds to Norse Energy Corp ASA will be used to repay a USD 10 million bridge loan recently obtained from Sector Speculare (Private Equity) IV.