Vår Energi agreed on 21 July to combine with BlueNord, paying 9.7153 of its own shares and NOK76.83 in cash for each BlueNord share in a deal valued by trade press at about NOK12.84bn ($1.33bn).
Why Vår Energi ASA is buying BlueNord ASA
Vår Energi said the deal adds long-life Danish Continental Shelf assets with stable production and limited near-term investment, lifting long-term output to about 450,000 barrels of oil equivalent a day and reserves and resources to about 2.4bn boe. It expects the deal to be accretive per share to cash flow and to increase dividend capacity.
“As Vår Energi continues to grow it is a natural evolution of our strategy to step outside of Norway”
Deal terms and financing
The transaction is a statutory merger between BlueNord and a wholly owned Vår Energi subsidiary, funded with 248.4 million new shares (a 9.95% issue) and NOK1,964m in cash. BlueNord holders will own about 9.05% of the enlarged company and Eni about 57.33%. Vår Energi plans a $350m dividend for the second quarter for existing holders and another $350m for the third quarter for the combined company.
Regulatory approvals and timing
BlueNord shareholders approved the merger plan at an extraordinary general meeting on 24 August 2026. Completion is subject to regulatory and licence approvals and is expected around the end of 2026.
Market context
BlueNord holds interests in the Tyra, Halfdan, Dan and Gorm hubs of the Danish Underground Consortium operated by TotalEnergies, contributing about 45,000 boe a day of net production and about 195m boe of reserves and contingent resources.
