Cairn Energy plc has agreed to sell its North Sea interests in the Catcher and Kraken fields for US$460 million to Norwegian company Waldorf Production Ltd.
GOALS
The agreement includes additional contingent consideration dependent on oil prices from 2021 to the end of 2025.
The sale, subject to shareholder approval, involves Cairn’s interest of 20% in Catcher and 29.5% in Kraken.
The transaction is expected to complete during the second half of 2021.
“The divestment of our UK producing assets as they move into decline phase, will further strengthen our ability to pursue Cairn’s strategic goals and position the company robustly for the decade ahead,” said chief executive Simon Thompson.
Aberdeen-based Cairn has operations in the UK, Côte d’Ivoire, Israel, Mexico and Suriname.
Waldorf, incorporated in the UK in 2019 and with an office in Aberdeen, holds interests in the North Sea oil fields of Alba, Bacchus, Bittern, Columbus and Enoch.