Major shareholders in Norway’s second-largest home-grown oil company, Det Norske Oljeselskapet, are asking for change at the top and saying the company has not lived up to its true value.

The company’s stock is down some 40 percent since the 60-kroner highs of last spring. Now, 21-percent owner Sector Omega ASA and its fund managers want boardmembers willing to act provide more certain “strategic direction”.

“The development of the Detnor share has been very disappointing, even in view of the considerable market downturn caused by the global financial crisis,” a statement from Sector said, adding, “Very little value is currently ascribed to Detnor’s gross assets (exclusive of net cash in hand), based on the pricing of the Detnor share.”

The company share price fell three percent on the news dissident shareholders had plans for a coming vote.

The asset-manager investors said they were concerned the offshore oil and gas industry had “lately become considerably more difficult”, for smaller players and more skills were needed in the board. They wanted less boardroom place for DNO International — once part of Detnor — since the company had cut its share in Detnor to 25 percent from 37 percent to focus on Iraq.

Detnor shareholders meet 2 February 2009 to discuss a new board that would include more people from finance and shipping and a smaller DNO cast. Det Norske operates 27 licenses interests off Norway and is a stakeholder in 47. The company is building up the Frøy field.

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