UK-based oil firm Serica Energy has completed the acquisition of Parkmead’s subsidiary, Parkmead E&P, securing rights for Skerryvore and Fynn Beauly prospects in the North Sea.
The acquisition, announced in 2024, is worth up to $180 million for Parkmead, the company said.
With the completion of the sale, Parkmead intends to focus its attention on the delivery of greener energy. Therefore, the disposal of Parkmead E&P marks a significant step in recalibrating the company’s portfolio to renewables.
As part of the agreement, Serica Energy will acquire all shares of Parkmead (E&P), which includes a 50% working interest in license P2400 (Skerryvore) and a 50% working interest in license P2634 (Fynn Beauly), the company said at the time the acquisition was announced.
“Parkmead has made strong progress across all elements of the business in the first half of 2025. We have completed the sale of our UK offshore-focused subsidiary, delivered solid operational performance from our onshore producing assets, advanced our flagship renewable energy project at Glenskinnan, and achieved a very healthy and robust financial position.
“Our continued focus on strategic growth and efficiency ensures Parkmead is well positioned for the future,” said Tom Cross, Parkmead’s Executive Chairman.