Business Services Industry
Norsk Hydro ASA completes acquisition of Spinnaker Exploration Company
Nordic Business Report, Dec 14, 2005
NORDIC BUSINESS REPORT-14 December 2005-Norsk Hydro ASA completes acquisition of Spinnaker Exploration Company(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian energy and materials group Norsk Hydro ASA said on Tuesday (13 December) that it had completed its previously announced acquisition of the US oil and gas exploration and production company Spinnaker Exploration Company.
Norsk Hydro acquired Spinnaker in a USD2.45m cash deal.
Spinnaker, which has 80 employees, holds ownership interests in several deepwater projects in the Gulf of Mexico. The company also has production from 38 blocks in the Gulf, as well as oil reserves of 62m barrels of oil.
One US dollar (USD) is worth approximately 0.57 British pounds (GBP).
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