Sval Energi, a Norwegian E&P company backed by private equity player HitecVision, has struck a deal to acquire almost all Spirit Energy’s Norwegian business, apart from its ownership in the Statfjord fields which will be bought by Equinor.

The Nkr9 billion ($1.03 billion) transaction is the largest acquisition on the Norwegian Continental Shelf since 2019, Sval said.

The acquisition has been in the making since former senior vice president for corporate strategy and innovation at Equinor Nikolai Lyngo took over as chief executive of Sval in 2020, with work on the deal being conducted under the codename Swift.