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 secure Waldorf’s decommissioning liabilities, leveraging Harbour’s investment-grade balance sheet, as well as the addition of Waldorf’s UK ring-fence tax losses.
Completion is expected in the second quarter of 2026, subject to regulatory approvals and the full and final settlement of all creditor claims against Waldorf’s subsidiaries.
“This transaction is an important step for Harbour in the UK North Sea, building on the action we've already taken to sustain our position in the basin given the ongoing fiscal and regulatory challenges.
“It stabilises the Catcher joint venture partnership and delivers immediate cash flow benefits. It also improves the long-term sustainability of our UK business, the jobs it continues to support and the energy security it provides. In addition, it facilitates a welcome solution to funding and decommissioning challenges for multiple parties in the UK North Sea,” said Scott Barr, Managing Director of Harbour’s UK business unit.