North Energy ASA: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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North Energy ASA Reorganizes Corporate Structure
North Energy ASA announced that it has acquired holdings, with economic effect from December 31, 2012, in production licenses (PLs) 498, 503 and 503B on the Norwegian continental shelf from its wholly owned subsidiary 4 sea energy AS for a sale price of NOK 37 million. The Norwegian government has approved this transfer. All relevant contracts will accompany the takeover. Such a reorganization will provide a more appropriate structure and be advantageous for risk management, financing, capital flow and tax considerations. Following the transaction, the 4 sea energy subsidiary is a company without employees, licenses and operations. This means that it has liquidated its direct petroleum activities, which have been subject to the special petroleum tax regime. As a result of the change, 4 sea energy expects to secure the tax value of losses carried forward from the Norwegian government pursuant to the provisions in section 3c, sub-section 4 of the Petroleum Taxation Act. This tax value is estimated to total NOK 17 million, and is expected to be paid to the company in December 2013.
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