Centrica's Norwegian sale marks 'major progress' in transformation efforts
By Iain Gilbert
Date: Wednesday 08 Dec 2021
(Sharecast News) - Electric services company Centrica has made "major progress" in its strategic transformation efforts with the sale of its entire Norwegian portfolio and its Statfjord field asset on Wednesday.
Centrica will dispose of Spirit Energy's Norwegian oil and gas assets and the run-off strategy for the remaining business, commercially effective from 1 January.
The FTSE 250-listed firm said its 69% stake in Spirit was expected to net it roughly £560.0m.
Chief executive Chris O'Shea said: "With the disposal of these largely oil producing assets to buyers who will be able to meet the material decommissioning costs, we can now focus on realising value for our shareholders from Spirit's remaining gas reserves.
"This sale is another important milestone in the turnaround of Centrica and follows our significant organisational restructure last year and the sale of Direct Energy earlier in 2021. I remain excited about our future, as we continue to focus on creating shareholder value and delivering for our customers."
As of 0850 GMT, Centrica shares were up 0.52% at 68.03p.
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