We have assisted Dwellop AS in its combination with Phuel Oil Tools
We have assisted Dwellop AS with its contemplated business combination with Phuel Oil Tools Limited. Dwellop is Norwegian-based supplier of well intervention solutions within the oil & gas sector and is listed on the NOTC. Phuel Oil Tools also provides solutions within the same sector, with its main base in Scotland and operations in Scotland, Norway, USA and Saudi Arabia.
The combination is planned to be carried out by all shareholders of Phuel Oil Tools transferring their shares to Dwellop. In consideration for the shares in Phuel Oil Tools, the shareholders will receive new shares in Dwellop
Subject to completion of the combination, the existing shareholders of Dwellop will hold 71.60% of the shares of the combined entity, while the remaining 28.40% of the shares will be held by the previous shareholders of Phuel Oil Tools.
Management of Dwellop believes that the combination and the related growth opportunities will create long term value for the shareholders and Dwellop will now have the chance to expand its business portfolio and get access to new international markets.
The core team comprised of Madeleine Østenstad, Alexander Bernhard Wintervold and Ole Henrik Wille.
The transaction is further described on notc.no (ticker DWELLOP).