SOURCE: StatoilHydro

December 29, 2007 03:15 ET

Sale of shallow water operations in US Gulf of Mexico

STAVANGER, NORWAY--(Marketwire - December 29, 2007) - StatoilHydro (OSE:STL, NYSE:STO) has entered into an agreement to sell all of the former Spinnaker assets in the shallow water of the US Gulf of Mexico to Mariner Energy, Inc. (NYSE: ME) for a cash consideration of USD 243 million. The sale will be accomplished through the sale of its wholly owned subsidiary Hydro Gulf of Mexico, LLC. The sale comprises production of approximately 9,600 barrels of oil equivalent per day (boepd) with proven reserves of 8.3 million barrels oil equivalent.

"StatoilHydro wishes to focus its strategy, operations, people and capital in the deepwater acreage where our technology and skills as the world's largest operator of deepwater fields are most advantageous to us," says Øivind Reinersten, senior vice president of StatoilHydro's North American region.

"We will keep all deepwater leases that were associated with Spinnaker and maintain our position as the fourth largest leaseholder in the deepwater Gulf of Mexico," he adds.

StatoilHydro's book value of the sold assets indicates that the sale will generate a minor accounting loss.

The sale is expected to be closed in the first quarter of 2008.

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