North Energy ASA

Tromsø, Norway

North Energy ASA

Tromsø, Norway
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News Article | May 10, 2017
Site: globenewswire.com

The shareholders in North Energy ASA (NORTH) are invited to attend the Annual General Meeting to be held on Thursday 1 June 2017 at 1:00 p.m at Tjuvholmen allé 3. Please find attached the Notice of Annual General Meeting and the Nomination committee recommendation. The documentations together with a link for attendance/proxy forms are available on the company's website, www.northenergy.no. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.


News Article | May 10, 2017
Site: globenewswire.com

North Energy ASA ("North Energy" or "Company") recorded a net loss of NOK 9.8 million in the first quarter of 2017. In the first quarter of 2016, the Company booked a NOK 101 million gain from the acquisition of Explora Petroleum, which led to a record net profit of NOK 94.1 million. The Company is expanding beyond its NCS E&P activities, and going forward the Company's financial results will depend more on the development of its acquisitions and divestments than what has historically been the case. "Over the past year, North Energy has successfully transitioned into an industrial holding company focused on value creation through energy and energy related investments. Our new corporate strategy has already generated substantial shareholder returns, and we expect it will continue to do so going forward," said Knut Sæberg, CEO of North Energy. In a separate note made yesterday, North Energy announced the sale of bonds for a cash consideration of USD 2 million and 7.5 million shares in Andes Energia (AEN). Based on this, the current market value of the mentioned shares is approximately USD 5.6 million, making the total consideration worth around USD 7.6 million. Compared to the original investment of NOK 18.2 million this translates to an unrealised financial gain of NOK 47 million, again highlighting the value potential of the Company's revised corporate strategy. North Energy has an average lock-up of approximately 6 months on the AEN-shares. Challenging conditions in the oil market, and the lower oil price regime, have affected the outlook for exploration activities. In response, North Energy has divested significant parts of its licence portfolio. A potential rebuild of the portfolio will require an improvement of market fundamentals. Following the restructuring of North Energy over the last two years, the Company has strengthened its management resources and expanded its competency outside the energy sector. Going forward the Company expects the energy sector to be a continued area of focus, but will also evaluate investment opportunities across other industries and sectors if attractive opportunities should arise. This is the background for the proposed amendment to the Company's Articles of Association, as outlined in a separate stock exchange announcement earlier today. The overall objective of the proposed amendments to the Company's Articles of Association is to strengthen North Energy and its ability to generate attractive returns for its shareholders. With respect to potential future acquisitions, North Energy will, in accordance with the current strategy, continue to focus on opportunities where the Company can identify value through active ownership, financial capabilities and industry resources. North Energy remains in a comfortable financial position.  The Company is financed with equity of NOK 365.6 million, and on 31 March 2017 had a net cash position of NOK 56 million. The interim report and presentation for the first quarter are attached. These can also be accessed at www.northenergy.no. North Energy will present its results for the first quarter at 09.00 today. The presentation will be held by CEO Knut Sæberg at Tjuvholmen allé 3, 6th floor, Oslo. The presentation will also stream live via webcast. For further information, please contact: Knut Sæberg, CEO Mobile: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.


Grant
Agency: European Commission | Branch: FP7 | Program: MC-ITN | Phase: FP7-PEOPLE-2012-ITN | Award Amount: 4.46M | Year: 2013

GLANAM (Glaciated North Atlantic Margins) aims at improving the career prospects and development of young researchers in both the public and private sector within the field of earth science, focusing specifically on North Atlantic Glaciated Margins. Our multi-Partner ITN comprises ten partner institutions, both academic and industrial, from Norway, UK and Denmark and will train eleven Early Stage Researchers (ESRs) and four Experienced Researchers (ERs). The young scientists will perform multi-disciplinary research and receive training through three interconnected workpackages that collectively address knowledge gaps related to the large, glacial age, sedimentary depocentres on the North Atlantic Margin. Filling these gaps will a) result in major new insights regarding glacial age processes on continental margins, b) have particular impact on the exploitation of hydrocarbons in glacial age sediments, notably the gas hydrate energy potential on the European continental margin, c) provide paleoclimate information essential for understanding the role of marine-based ice sheets in the climate system and for the testing of climate models, an issue of increasing socio-economic relevance. GLANAM builds on the diverse expertise and experience of leading senior and junior scientists in the field of marine and glacial geology through the establishment of a training program offering a broad spectrum of career-oriented courses and tailored workshops preparing the researchers for an increasingly demanding, pan-European job market. Intersectoral rotation and secondments hosted by our three industry partners will provide the fellows with complementary scientific training and allow them to establish and deepen contacts relevant to their work life beyond the ITN. Interaction of the GLANAM Fellows with internationally renowned senior visiting scientists will provide significant added-value to their training and will complete the supply of knowledge and advice sources.


News Article | February 16, 2017
Site: globenewswire.com

North Energy ASA ("North Energy" or "Company") continued its restructuring project throughout the fourth quarter of 2016. The Company's financial position going into 2017 is solid, having no major investment commitments and a solid net cash position. The successful turnaround of the Company led the Board to propose a NOK 0,25 per share cash dividend, to be resolved at an extraordinary general meeting in February. "2016 was a successful turnaround year for North Energy. We delivered on our restructuring and cost savings plan, while demonstrating the significant value potential inherent in our revised business strategy. Together, these achievements made for a very good year for North Energy", said CEO Knut Sæberg. Through investments in both Explora Petroleum and Norwegian Energy Company (Noreco) in 2016, North Energy demonstrated that its revised business strategy can create significant value. With a low cost base and healthy financial position, the Company will continue to evaluate the market for potential value-adding transactions. "We continue to monitor the market for new investments, with a focus on strategic opportunities where we can exercise substantial influence and control. The recent investment in Reach Subsea is an example of this, and we expect new transactions will follow in 2017," Sæberg said. North Energy recorded a net profit of NOK 80.8 million for the full-year of 2016, compared to a net loss of NOK 126.1 million in 2015.  A more than 80 per cent reduction in the Group's overall cost base, combined with significant gains on investments, were the main factors behind the financial turnaround. For the fourth quarter of 2016, North Energy posted a net loss of NOK 2.7 million. The Company is in a solid financial position, with a net cash base in excess of NOK 150 million at year-end 2016. North Energy's equity ratio stood at 88 per cent. The interim report and presentation for the fourth quarter are attached. These can also be accessed at www.northenergy.no. North Energy will be presenting its results for the fourth quarter of 2016 at 09.00 today. The presentation will be held by CEO Knut Sæberg. The venue is Tjuvholmen allé 3, Oslo. The presentation can also be followed via webcast. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


News Article | February 22, 2017
Site: globenewswire.com

Anders Onarheim, Chairman of the Board of North Energy ASA, has in connection with the upcoming extraordinary general meeting on 23 February 2017, issued proxy rights to Didrik Leikvang to vote for his shares in North Energy owned thru his fully owned companies AB Investment AS and Liju Invest AS representing 17.010.247 shares, equal to 14.29 per cent of the company.


News Article | February 23, 2017
Site: globenewswire.com

An extraordinary general meeting in North Energy ASA was held in Oslo today, Thursday 23rd of February 2017. The minutes of the general meeting are attached and also available on the company's website www.northenergy.no. All agenda items were approved by majority voting. The proposal from the board regarding distribution of dividend was approved and the dividend will be settled on 1st of March 2017. For further information, please contact:


News Article | February 23, 2017
Site: globenewswire.com

An extraordinary general meeting in North Energy ASA was held in Oslo today, Thursday 23rd of February 2017. The minutes of the general meeting are attached and also available on the company's website www.northenergy.no. All agenda items were approved by majority voting. The proposal from the board regarding distribution of dividend was approved and the dividend will be settled on 1st of March 2017. For further information, please contact:


News Article | February 24, 2017
Site: globenewswire.com

The shares in North Energy ASA will be traded ex dividend NOK 0.25 as from today, 24 February 2017.


News Article | February 22, 2017
Site: globenewswire.com

Anders Onarheim, Chairman of the Board of Directors of North Energy ASA, has increased his ownership in Spitsbergen AS. After this, the total number of shares in North Energy ASA beneficially owned by Mr. Onarheim is 17.667.721 which equals 14.84% ownership in the company. For further information, please contact: This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.


News Article | February 24, 2017
Site: globenewswire.com

The shares in North Energy ASA will be traded ex dividend NOK 0.25 as from today, 24 February 2017.

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