Beskrivning
| Land | Norge |
|---|---|
| Lista | OB Match |
| Sektor | Finans |
| Industri | Övriga finansiella tjänster |
2025-02-04 19:59:01
On 4 February 2025, Shell UK Ltd. announced the restart of production at the
Penguins field in the UK North Sea with a modern floating, production, storage
and offloading (FPSO) facility using Magnora's legacy design. This "first oil"
milestone triggers a USD 4.3125 million payment to Magnora.
The eventual recipient of funds will be Hermana Holding ASA. For Hermana, the
payment has a significant cash flow effect, but no accounting effect as the full
value of the milestone has already been recognised as a receivable from Magnora
during the demerger that was completed in June 2024.
With the sale of the legacy business in 2018, Magnora no longer has any
employees or activities within its legacy business. Following the demerger of
Hermana Holding ASA in the spring of 2024, the right to legacy royalty and
license revenue streams were transferred to Hermana. Magnora ASA holds 30
percent of the shares in Hermana.
The remaining milestone from the Shell Penguins deal is triggered when Shell
reaches a production target of 4m barrels of oil. This event will trigger
another USD 4.3125 million payment. For details on the milestone agreements,
please refer to the press release issued 15.01.2018 by Sevan Marine ASA and
06.12.2022 by Magnora ASA.