Faroe to oppose DNO bid to ‘take control of its business’
ByAllister Thomas
Faroe holds a stake in the Norwegian Brage field.
Faroe Petroleum said it is “very concerned” by actions from Norway’s DNO to “take control of its business”.
DNO has requested seats on the Aberdeen-headquartered firm’s board for its executive chairman Bijan Mossavar-Rahmani and managing director Bjorn Dale.
In a statement, Faroe said it believes the move is “wholly self-serving and part of an undisclosed strategy on DNO and Mr. Mossavar-Rahmani’s part to try and gain control of Faroe’s business without making an offer to all shareholders at an appropriate premium”.
