DNO secures $410m North Sea oil financing with ExxonMobil, Shell

DNO ASA announced on December 18, 2025, that it has secured North Sea oil offtake agreements with subsidiaries of Exxon Mobil Corporation and Shell plc, effective January 1, 2026. These agreements unlock related financing facilities totaling up to $410 million.

The agreement with ExxonMobil Asia Pacific Pte. Ltd. covers approximately half of DNO's North Sea oil output for two years, providing a revolving credit facility of up to $185 million. The remaining half is covered by an agreement with Shell Trading and Shipping Company Limited (STASCO), with an initial tenor of one year and a related prepayment facility of up to $225 million from a European bank.

These new facilities, combined with a gas offtake agreement with ENGIE SA announced in July, bring DNO's total North Sea oil and gas production-tied financing to up to $910 million. Executive chairman Bijan Mossavar-Rahmani highlighted the "attractive rates" and "favorable, flexible and felicitous" terms.