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BRIEF-Statoil sells Canada oil sands unit, will book $500-550 million impairment

Published 2016-12-14, 05:23 p/m
© Reuters. BRIEF-Statoil sells Canada oil sands unit, will book $500-550 million impairment
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Dec 14 (Reuters) - Statoil Asa STL.OL

* Has signed an agreement to divest its 100% owned Kai Kos Dehseh (KKD) oil sands projects in Canadian province of Alberta to Athabasca oil corporation

* Total consideration of transaction to statoil is up to cad 832 million, which includes a cash consideration of cad 435 million and cad 147 million to be paid in form of 100 million common shares in athabasca

* Up to cad 250 million will be paid in a series of contingent payments. In total, approximately 80% of consideration will be in cash elements

* Will no longer operate any oil sands assets

* Divestment will trigger an impairment of usd 500-550 million, excluding negative currency effects from cad-usd exchange rate at closing Further company coverage: STL.OL

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