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An announcement from DNO ASA ( (GB:0MHP) ) is now available.
DNO ASA has entered into an offtake agreement with ENGIE SA for its Norwegian gas production, securing a four-year deal with premium pricing. Additionally, DNO has established a USD 500 million offtake financing facility with a major US bank, offering favorable terms compared to conventional lending. This move allows DNO to replace existing facilities and support general corporate purposes, while also enabling the company to repay over USD 600 million in reserve-based loans. The company is also exploring similar agreements for its North Sea oil production, indicating a strategic shift towards securing stable financial arrangements and enhancing its market position.
More about DNO ASA
DNO ASA is a leading Norwegian oil and gas operator active in the Middle East, the North Sea, and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the company holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in regions including the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, and Yemen.
Average Trading Volume: 2,507,964
Current Market Cap: NOK12.24B
Learn more about 0MHP stock on TipRanks’ Stock Analysis page.