Equinor ASA (OB:EQNR) agreed to acquire Norwegian Oil and Gas Exploration and Production (E&P) Business of Spirit Energy Norway AS for $50 million on December 8, 2021. Equinor will also pay a contingent consideration linked to commodity prices for the period between October 2021 to December 2022. In a related transaction, Sval Energi AS agreed to acquire Operations and Assets of Spirit Energy Norway AS on December 8, 2021. Both the transactions worth a total of $1.08 billion. Through this transaction, Sval Energi becomes the operator of two producing subsea fields. The transaction is subject to customary approvals from regulatory authorities. As of January 13, 2022, the transaction is approved by the shareholders of Centrica plc, parent of Spirit Energy Norway. The transaction is expected to be completed in the second quarter of 2022. As of March 18, 2022, transaction is expected to close in first half of 2022.

As of May 30, 2022, Centrica plc announces that all conditions for the sale of Spirit Energy's Norwegian assets to Sval Energi AS and Spirit Energy's interests in the Statfjord field to subsidiaries of Equinor ASA for an initial headline consideration of $1.1 billion have now been satisfied, and completion of the transaction is expected to occur on May 31, 2022. As part of the transaction, originally announced on 8 December 2021, all decommissioning liabilities associated with the assets will also transfer to the buyers. The final headline consideration may rise to $1.2 billion dependent on commodity prices. Hywel Davies, Robert Innes, Julian Ried, Sam Gregory, Stephanie Schiller, Daisy Jones, Kathryn Martin Cussons and Will Morris (corporate); Oliver Moir, Iain McCann and Nicole Hunter (infrastructure and energy); Gareth Miles, Ed Milliner and Kyle O'Sullivan (tax); Lisa Wright (competition); and Daniel Schaffer (pensions) of Slaughter and May acted as legal advisors to Spirit energy.