By Jaime Llinares Taboada

 

Centrica PLC said Wednesday that it has agreed to the sale of Spirit Energy's oil-and-gas assets in Norway to Equinor ASA and Sval Energi AS for $1.08 billion.

Centrica, which owns 69% of Spirit Energy, said that the deal will also include a deferred commodity price-linked payment, and that the buyers will be transferred all 830 million pounds ($1.10 million) of decommissioning liabilities.

"We are pleased to continue to bring focus to Centrica's portfolio with these transactions, which are aligned with our strategy to reduce our exposure to carbon-intensive oil-and-gas exploration and production in a way that maximizes shareholder value," Centrica's Chief Executive Chris O'Shea said.

The deal is expected to be completed in the second quarter of 2022.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

December 08, 2021 02:44 ET (07:44 GMT)

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