RWE Completes Sale of its License Interest in “Edvard Grieg”

-OMV takes over 20% of “Edvard Grieg” license interest
-Important step in RWE AG’s divestment programme

RWE AG today completed the sale of its 20% interest in the Norwegian “Edvard Grieg” license to OMV (Norge) AS, a subsidiary of the Austrian OMV Group, after the transaction has been approved by the Norwegian Ministry of Petroleum and Energy and the Ministry of Finance.

The transaction takes retroactive effect as of 1 January 2012. RWE receives a total consideration of around € 255 million plus a contingent payment of up to € 35 million based on the achievement of certain operational milestones.

Dr. Leonhard Birnbaum, Board Member of RWE: “The closing of this transaction constitutes further progress in RWE’s divestment programme generating financial headroom for the Group. Regardless of the sale of its stake in “Edvard Grieg”, RWE and its subsidiaries RWE Dea and RWE Dea Norge remain committed to the Norwegian market with RWE Dea Norge holding a very attractive license portfolio with more than 40 licenses in the country.”