European Upstream Firms Merge into ONE-Dyas
Oranje-Nassau Energie (ONE) and SHV Holdings are to merge their upstream energy businesses to create ONE-Dyas, they said December 20, with Dyas CEO Robert Baurdoux as its CEO and ONE CEO Alexander Berger as executive director and ONE's current CFO Chris de Ruyter van Steveninck as the CFO of the new entity.
Dyas had already sold its Dutch oil and gas production assets to another company in a deal that was completed in October.
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Baurdoux said the new entity "has a lot of potential for further growth and will claim a prominent position as an independent operator.” ONE-Dyas will be a prominent North Sea focused independent operator, with 2019 gas and oil production of some 35,000 boe/day, with an experienced technical and entrepreneurial team, building further on the track record of both ONE and Dyas.
The portfolio of the new entity is "well balanced between oil and gas, as well as operated and non-operated." The combination aspires to grow its North Sea focused business and will have readily available sources of financing to fund the growth ambitions. It will be backed by a strong financial position with dedicated private shareholders. ONH, parent company of ONE, will own 51% of the shares in ONE-Dyas and SHV 49%. The chairman of ONE-Dyas supervisory board will be Marcel van Poecke, controlling shareholder in ONH and also a managing director for Carlyle International Energy Partners; Jan Onderdijk, shareholder in ONH; and Ricardo Kandelman, member of the SHV board of directors.
The merging of activities is subject to regulatory approvals and completion of the transaction is expected to take place in the first half of 2019.