DNO could become a “more dominant player” in the North Sea with its takeover of Faroe Petroleum, according to an analyst.
Faroe Petroleum’s board has conceded defeat in its fight against a takeover bid by Norwegian oil explorer DNO.
Norwegian energy firm DNO has moved one step closer to taking over Faroe Petroleum after gaining a majority stake in the group.
Norwegian oil explorer DNO has increased its offer to acquire Aberdeen-based Faroe Petroleum.
Shares in Faroe Petroleum soared more than 25% after its largest shareholder launched a £608 million takeover bid for the company.
Shares in Faroe Petroleum have soared more than 25% after its largest shareholder launched a £608 million takeover bid for the company.
Faroe Petroleum said it is “very concerned” by actions from Norway’s DNO to “take control of its business”.
An oil operator has further boosted its stake in Aberdeen-based Faroe Petroleum.
Faroe Petroleum today confirmed its Brasse oil and gas discovery in the North Sea.