Premier Oil Sells Norwegian Arm

Premier Oil has completed the sale of its Norwegian subsidiary Premier Oil Norge AS (PONAS) to Det norske oljeselskap ASA for a net cash consideration of $120 million.

 

Following the sale, Premier expects its year end net debt to be just under $2.3 billion. The company said it has significant liquidity with $1.2 billion of cash and undrawn credit facilities and covenant headroom is expected to be in excess of $800 million at the year end.