Deal Insight
DNO acquires Sval Energi from HitecVision for US$1.6 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
On 7 March 2025, DNO announced the acquisition of Norway focused independent Sval Energi from its private-equity owner HitecVision, for US$1.6 billion. The consideration includes US$450 million in cash and US$1.15 billion of net debt. We value the deal at US$1.3 billion (NPV10, 1 Jan 2025, long-term US$65/bbl), 20% lower than the consideration. Our valuation would breakeven against the consideration under an Implied Long-Term Oil Price (ILTOP) of US$88/bbl. A premium price is likely to reflect differences in short term commodity pricing, value attributed to upside potential, portfolio synergies, tax/financing synergies with DNO's existing exploration/development heavy portfolio on the Norwegian Continental Shelf (NCS) and lack of other material opportunities currently on offer on the NCS.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Key assets
- Deal analysis
-
Upsides and risks
- Upside
- Risks
-
Strategic rationale
- DNO
- Sval Energi
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- DNO Norway production outlook
- DNO production outlook
What's included
This report contains:
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