M&A Deal Summary

Tullow Oil Acquires Spring Energy Norway AS

On January 22, 2013, Tullow Oil acquired oil/gas exploration company Spring Energy Norway AS from HitecVision for 372M USD

Acquisition Highlights
  • This is Tullow Oil’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Tullow Oil’s largest (disclosed) transaction.
  • This is Tullow Oil’s 1st transaction in Norway.

M&A Deal Summary
Date 2013-01-22
Target Spring Energy Norway AS
Sector Oil/Gas Exploration
Buyer(s) Tullow Oil
Sellers(s) HitecVision
Deal Type Add-on Acquisition
Deal Value 372M USD

Target

Spring Energy Norway AS

Oslo, Norway
Spring Energy Norway AS is an oil and gas company established by a group of Exploration & Production (E&P) professionals with extensive experience and an excellent track record from the Norwegian Continental Shelf (NCS). The company participates in exploration, appraisal and development projects on the NCS, with the objective of developing a risk balanced portfolio over the next 3 to 5 years.

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Buyer(S) 1

Buyer

Tullow Oil

London, United Kingdom
Category Company
Founded 1985
Sector Oil/Gas Exploration
Employees399
Revenue 1.6B USD (2023)
DESCRIPTION

Tullow Oil is an independent oil and gas, exploration and production group. Our focus is on finding oil in Africa and the Atlantic Margins, combined with selective development and high-margin production to fund our exploration-led strategy. Tullow Oil was founded in 1985 and is based in London, England.

DEAL STATS #
Overall 2 of 2
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 2 of 2
Country (Norway) 1 of 1
Year (2013) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-20 Hardman Resources Pty

West Perth, Washington, Australia

Hardman Resources Pty Ltd. is a developer and producer of oil and gas reserves internationally.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-23 Tullow Oil - Uganda Lake Albert Project

Uganda

Tullow Oil plc - Uganda Lake Albert Project develop a crude oil pipeline project in East Africa.

Sell -

Seller(S) 1

SELLER

HitecVision

Stavanger, Norway

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HitecVision AS is a private equity firm specializing in buyouts and growth capital investments in the oil and gas industry. The Firm targets investments in middle-market companies throughout North America (primarily US) and Northern Europe (primarily Norway and the UK). HitecVision seeks companies with growth potential and unique technologies. The Firm looks to invest $30 to $150 million in companies valued up to $300 million. Specific areas of interest include drilling/down-hole, exploration/production, field development, mid- and downstream, and subsurface. HitecVision AS was formed in 1985 and is based in Stavanger. The Firm has additional offices in Oslo and Texas.

DEAL STATS #
Overall 18 of 30
Sector (Oil/Gas Exploration) 3 of 5
Type (Add-on Acquisition) 7 of 16
Country (Norway) 14 of 22
Year (2013) 1 of 3
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 Verus Petroleum

Aberdeen, United Kingdom

Verus Petroleum is an independent oil and gas company. Verus Petroleum is based in Aberdeen, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-18 Deep Sea Mooring

Tananger, Norway

Deep Sea Mooring is the trusted choice for E&P (exploration and production) companies and drilling operators that demand the best in safe, innovative and optimum quality mooring solutions. Deep Sea Mooring was founded in 2008 and is based in Tananger, Norway.

Buy -
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