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Ad hoc announcement: OMV has reached an agreement for the sale of OMV (U.K.) Limited

Ad hoc announcement, November 8, 2016 - 6:47 pm (CET)
Public disclosure of inside information according to Art 17 MAR

OMV has reached an agreement for the sale of 100% of the shares in its wholly owned subsidiary OMV (U.K.) Limited to Siccar Point Energy Limited, Aberdeen. The transaction was approved in today's meeting of the Supervisory Board of OMV but is, however, still subject to signing of the relevant transaction documentation by the parties. The signing is expected to take place during the course of today.

The overall transaction value is envisaged to amount to up to USD 1 billion. It consists of a firm payment of USD 750 million and a contingent payment related to the Rosebank Final Investment Decision in the amount of up to USD 125 million. On top, the parties agreed on a purchase price adjustment with respect to CAPEX as of the effective date of the transaction on January 1, 2016. This results in a further consideration in the amount of approximately USD 125 million.
 
OMV expects a negative effect on OMV's Group EBIT according to IFRS of approximately EUR 350 million at current exchange rates. This includes a loss on sale of approximately EUR 458 million, envisaged to be offset by foreign exchange gains of approximately EUR 100 million related to foreign operations that are expected to be realized at closing.
 
The transaction is subject to conditions, including regulatory approvals and is anticipated to close in Q1 2017.
 

Background information:

OMV in the UK
OMV (U.K.) Limited, a 100% subsidiary of OMV Aktiengesellschaft located in London, has been active in the United Kingdom for over 20 years. OMV UK holds a considerable portfolio of licenses in the British North Sea and in the area west of the Shetland Islands. The company has been an operator there since 2004.
 
OMV Aktiengesellschaft
With Group sales of EUR 23 bn and a workforce of around 24,100 employees in 2015, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV focuses on three core regions – CEE (Romania, Austria), North Sea as well as Middle East and Africa – and selected development areas. 2015 daily production stood at approximately 303 kboe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries as of end of 2015. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2015, gas sales volumes amounted to 110 TWh.