The combination would make Vaar Energi the largest independent oil and gas producer in Europe and lift its long-term production target to about 450,000 barrels of oil equivalent per day.
Vaar Energi and BlueNord have agreed to combine in a cash-and-stock transaction that values BlueNord at about $1.33 billion based on Vaar Energi's Monday closing share price, according to a Reuters calculation. The deal would make Vaar Energi the largest independent producer of oil and gas in Europe. BlueNord shareholders are set to receive 248.4 million new Vaar Energi shares and 1.96 billion Norwegian crowns ($202.95 million) in cash, equal to 9.7153 Vaar Energi shares and 76.83 crowns in cash for each BlueNord share. Both boards have approved the proposed transaction. Vaar Energi CEO Nick Walker said the merger would create a stronger, more diversified company with greater scale, resilience and cash generation, with the combined group targeting long-term production of around 450,000 barrels of oil equivalent per day. The company also said it intends to raise its overall dividend payment for the second quarter of 2026 to $350 million as a result of the expected value creation from the deal. Vaar Energi is majority owned by Italy's Eni.