Cairn Energy plc plans to sell its North Sea interests in Catcher and Kraken fields for US$460 million to Norwegian company Waldorf Production Ltd.
POSITION
Cairn entered into an agreement that will also include additional contingent consideration dependent principally on oil prices from 2021 to the end of 2025.
The sale, subject to shareholder approval, involves Cairn’s entire 20% interest in Catcher and 29.5% interest in Kraken.
The transaction is expected to be completed 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.
PARTIES
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.