HitecVision boosts share in Norwegian gas pipeline system Gassled

Norwegian investment firm HitecVision has increased its ownership in the Norwegian offshore gas pipeline system Gassled through the acquisition of Solveig Gas Holdco. The Norwegian media have estimated the purchase price is over $1 billion.

Solveig Gas owns a 25.6 percent share in Gassled, a gas pipeline carrying gas from the Norwegian shelf to the European customers. HitecVision already owns a share in Gassled, as its subsidiary CapeOmega owns 16.3 percent.

Petoro AS, the licensee for the Norwegian state’s direct financial interest in petroleum activities, owns the largest share in Gassled with a 46.69 percent share. Other partners are Silex Gas Norway and Equinor.

The sale of Solveig Gas to HitecVision is subject to the approval of the Norwegian Ministry of Petroleum and Energy, the Norwegian Ministry of Finance and the Norwegian Competition Authority.

HitecVision did not share the financial details about the acquisition, however, the Norwegian financial news website DN.no has estimated the value of the deal to be between NOK 10 and NOK 12 billion ($1,16 billion – $1,4 billion).

Offshore Energy Today Staff

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