Norwegian newcomer Sval Energi confirmed on Friday that it has signed an agreement to buy Suncor Energy’s Norwegian subsidiary, confirming Upstream’s report from Thursday.

The transaction — which Suncor valued at C$410 million (US$318 million) — will add daily production of about 4000 barrels of oil equivalent and 19 million boe in reserves to Sval’s portfolio.

Chief executive Nikolai Lyngo said the transaction represents another step on Sval’s growth journey.