Oslo Børs stiger svakt

Oslo Børs market index saw a slight rise of 0.15 percent on Tuesday, following a significant increase the previous day. The price of crude oil (brent spot) climbed 0.5 dollars to 91.1 dollars per barrel since midnight. Key traded stocks, such as DNO, aimed to purchase the British oil and gas company Capricorn according to a filing before the market opened.

The board of Capricorn approved the deal. DNO offered Capricorn shareholders a total of 5.214 dollars per share, consisting of a cash purchase of 4.224 dollars and a planned extra dividend of 0.99 dollars per share. The offer valued London-listed Capricorn at approximately 396 million dollars, or around 3.7 billion kroner. The offer includes a premium of about 45 percent compared to the closing price on March 10, the day before the tender period started, and 60 percent compared to the average volume-weighted price of the previous three months.

On July 2, the boards of oil and gas companies Genel and Capricorn announced they had agreed on the terms for a recommended cash purchase of the latter from Genel. DNO's offer is around ten percent higher than Genel's, according to the filing on Tuesday. Capital Tankers submitted its third-quarter report on Tuesday morning, a period marked by high freight rates due to the Middle East war.

The company's stock dropped by around 1.4 percent. Capital Tankers' CEO highlighted in the quarterly report that "the third quarter was one of the strongest crude oil tanker markets ever." Rederiets fleet consists of vessels including VLCC, Suezmax, and Aframax/LR2. This is the fleet for the third quarter: Analyst Fredrik Dybwad from Fearnley Securities views the report as "solid."

He says, "Looking ahead to the third quarter, earnings will be higher, and as an initial estimate, we expect EBITDA of around 120 million dollars. This further translates into dividend payments, which we believe will increase quarter by quarter in the third quarter."