On July 18, 2024, Tenaz Energy Corp. ("Tenaz") signed an agreement with Nederlandse Aardolie Maatschappij B.V. ("NAM"), a 50/50 joint venture between Shell PLC and ExxonMobil Corporation, to acquire NAM Offshore B.V. (“NAM Offshore”) for base consideration of approximately $246 million (€165 million).

Tenaz is an energy company focused on the acquisition and sustainable development of international oil and gas assets.

NAM is an exploration and production company and its core business is exploring for and producing oil and gas, both onshore and offshore in the Netherlands.

Upon closing, Tenaz will become the second-largest operator in the Dutch North Sea.

The transaction has an effective date of January 1, 2024, and is expected to close mid-2025 following statutory merger clearances and operational transition activities.

Torys is acting as counsel to Tenaz Energy with a team led by Peter Danner and includes David Cuschieri, Amy Maginley, Alanah Wiberg, Collin Intrater, Matt Bean, Charlotte Hardwicke-Brown and Jack Kuzyk (corporate/M&A).