CMS has advised Norwegian oil & gas giant Statoil on the UK aspects of its US$2.65 billion sale of interests in a number of its UK and Norwegian Continental Shelf assets to Austria’s OMV. Statoil’s in-house legal team had overall responsibility for the transaction and advised on all aspects of the Norwegian part of the deal.

The deal, which ranks among the largest by value in the North Sea over the last ten years, is of considerable strategic importance to Statoil. It involves the divestment of a minority interest in the Statoil-operated Gullfaks and Gudrun fields offshore Norway and Statoil's entire non-operated interests in the UKCS Schiehallion and Rosebank fields, as well as the conclusion of a co-operation agreement in respect of certain Statoil interests in the UK, Norway and the Faroe Islands.

Statoil's legal team was led by Tom Melbye-Eide, Jesper Vogt-Lorentzen and Alejandro Figueroa. The CMS team advising Statoil on the UK side of the deal was led by Energy partner Bob Palmer and senior associate Richard Sinclair, with Vienna-based partner Günther Hanslik advising Statoil on Austrian legal issues.

Bob Palmer commented: “We are delighted to have been involved in this high profile transaction which further strengthens our relationship with Statoil, whom we have advised on a range of energy deals and projects since our appointment to their legal panel in 2010. This deal reinforces our position as one of the leading legal advisers globally for energy M&A deals."