August 27, 2018 / 7:28 AM / 7 months ago

DNO withdraws request for Faroe board seats as conflict escalates

OSLO, Aug 27 (Reuters) - Norwegian oil firm DNO on Monday withdrew its request for seats on the board of Faroe Petroleum amid an escalating war of words between the companies.

DNO, which is Faroe’s top shareholder with a 28.23 percent stake, had requested an extraordinary meeting of shareholders be held to put two of its executives on the board, a move which Faroe had resisted.

“DNO ASA withdraws the request ... and notes with deep disappointment Faroe Petroleum’s repeated peremptory and disdainful attitude to such representation for, and therefore greater engagement with, its largest shareholder,” it said.

DNO also said it had also sought to raise “concerns and dismay” over Faroe’s wider governance culture and shareholder value strategies, and that it would now “consider its position”.

Faroe was not immediately available for comment. (Reporting by Terje Solsvik; editing by Jason Neely)

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