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February 27, 2024
PI Global Investments
Private Equity

Private equity-backed Norwegian oil producer Sval Energi up for sale -source By Reuters

© Reuters

By Ron Bousso

LONDON (Reuters) – Private equity firm HitecVision plans to sell its Norwegian oil and gas producer business Sval Energi in a deal valued at up to $1 billion including debt, four sources said.

HitecVision established Sval in 2019 and the company has since grown through a series of acquisitions, including holdings from Equinor and Suncor.

Sval produces around 70,000 barrels of oil equivalent per day from stakes in 15 Norwegian fields, and has four development projects, according to its website.

The sale is expected to raise several hundred million dollars which, together with its debt of around $700 million, values Sval at up to $1 billion, according to two sources familiar with the sale process.

Sval and HitecVision did not respond to requests for comment.

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