Maersk sells field stakes to new entrant

OE Staff
Thursday, September 15, 2016

Maersk Oil has agreed to sell small stakes in the Scott and Telford fields in the North Sea and the Wytch Farm onshore field in England to new entrant RockRose Energy.

Scott and Telford are operated by Nexen through the Scott platform, which came onstream in 1993, about 188km northeast of Aberdeen in about 142m water depth. 

RockRose was listed on the junior stock market in January this year. Andrew Austin, its company's executive chairman, was head of UK shale gas firm IGas, which sold out to Ineos last year.

Austin said in August the RockRose was working hard to acquire opportunities and that the firm had looked at more than 35 targets. 

"We have submitted bids for a number of assets," he said at the time. "The market for assets continues to be illiquid. Many assets are offered for sale but there is often a lack of realism when it comes to value and few transactions are actually closing. "However, we believe that the continued downturn in the market and the Brexit vote is increasing the number of reluctant but forced sellers of assets."

Subject to the deal going through, its stakes in the fields would be: Wytch Farm (7.43%), Scott (5.16%) and Telford (2.36%) fields. 

Categories: North Sea Europe

Related Stories

Norwegian Oil Service Lockout Hits Offshore Drilling Activity

Vår Energi, Partners Submit Development Plan for Gjøa Subsea Projects in North Sea

Shell-Equinor JV Enlists Shearwater for 4D Streamer Survey in North Sea

Current News

Svanehoj Lands First LNG Carrier-to-FSU Conversion Job

DOF Bags TotalEnergies Contract for FSO Replacement Project

MESH Offshore Gas and Hydrogen Storage Scheme Enters Next Phase

MacGregor Expands Offshore Crane Modernization Backlog

Subscribe for OE Digital E‑News