Marathon Oil has entered into a definitive agreement with Det norske oljeselskap under which Det norske will purchase Marathon Oil's wholly owned subsidiary, Marathon Oil Norge, for a total transaction value of US$2.7bn (€2bn). After adjustment for debt, net working capital and interest on the net purchase price, Marathon Oil expects net proceeds of approximately US$2.1bn (€1.5bn) at closing. The sale includes the Marathon Oil-operated Alvheim floating production, storage and offloading (FPSO) vessel, 10 Company-operated licenses and a number of non-operated licenses on the Norwegian Continental Shelf in the North Sea. Full-year 2013 net production in Norway averaged approximately 80,000 boe/d. The effective date of the transaction is 1 January 2014. The companies expect to close the transaction, subject to the necessary government and regulatory approvals, in the fourth quarter of this year.