StatoilHydro to Sell Shallow Water Assets to Mariner Energy

Norwegian integrated energy firm StatoilHydro has agreed to sell all of the former Spinnaker Exploration assets in the shallow waters of the US Gulf of Mexico to independent exploration and production firm Mariner Energy for a cash consideration of $243 million.

StatoilHydro said that the sale will be accomplished through the sale of its wholly owned subsidiary Hydro Gulf of Mexico. The sale comprises production of approximately 9,600 barrels of oil equivalent per day with proven reserves of 8.3 million barrels oil equivalent.

Oivind Reinersten, senior vice president of StatoilHydro’s North American operations, said: “StatoilHydro wishes to focus its strategy, operations, people and capital in the deepwater acreage where our technology and skills as the world’s largest operator of deepwater fields are most advantageous to us.”

The assets were part of Spinnaker’s acquisition by Norsk Hydro in 2005. StatoilHydro said that its book value of the sold assets indicates that the sale will generate an accounting loss. The sale is expected to be closed in the first quarter of 2008.