HOUSTON (AP) - Marathon Oil is selling its Norwegian business to Det Norske Oljeselskap ASA in a deal valued at about $2.7 billion as it streamlines operations and hones its focus on the U.S.

HOUSTON (AP) Marathon Oil is selling its Norwegian business to Det Norske Oljeselskap ASA in a deal valued at about $2.7 billion as it streamlines operations and hones its focus on the U.S.

The sale includes the Marathon Oil-operated Alvheim floating production, storage and offloading vessel, 10 company-run licenses and some non-operated licenses on the Norwegian Continental Shelf in the North Sea. Last year's net production in Norway averaged approximately 80,000 barrels of oil equivalent per day.

Marathon Oil Corp. anticipates approximately $2.1 billion in net proceeds from the sale.

The transaction is expected to close in the fourth quarter.

The Houston company also said Monday it's holding on to its U.K. North Sea business because it did not receive an acceptable offer.