Harbour Energy has agreed to acquire all the subsidiaries of Waldorf Energy Partners and Waldorf Production for $170 million, strengthening its position in the UK…
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Harbour Energy has agreed to acquire all the subsidiaries of Waldorf Energy Partners and Waldorf Production for $170 million, strengthening its position in the UK North Sea and adding oil-weighted production.
The assets are being acquired from administration, with the purchase funded through existing liquidity.
Harbour said the deal would be immediately materially accretive to its free cash flow and would enhance the competitiveness and longevity of its UK business.
The transaction is expected to add around 20,000 barrels of oil equivalent per day of production and 2P reserves of about 35 million barrels of oil equivalent.
It will also increase Harbour’s interest in its operated Catcher field to 90% from 50%, improving the financial stability of the joint venture, while providing a new production base in the Northern North Sea through a 29.5% non-operated interest in the Kraken oil field.
Harbour said the deal would unlock operational synergies by integrating Waldorf’s non-operated portfolio into its UK organisation, alongside significant financial benefits.
These include the release of an estimated $350 million of cash currently posted to
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