Harbour Energy has completed its $3.2 billion acquisition of LLOG Exploration Company, marking the company’s entry into the U.S. Gulf of America and establishing a new core business unit.
Through the acquisition, Harbour has gained a fully operated, oil-weighted portfolio in the deepwater Gulf, alongside Norway, the U.K., Argentina and Mexico as core regions.
LLOG produced an average of 36,000 barrels of oil equivalent per day in 2025 and is expected to increase output to 65,000–70,000 boepd by 2028.
Harbour financed the deal with $2.7 billion in cash and the issuance of 174.9 million new voting ordinary shares valued at $0.5 billion to LLOG Holdings. The cash portion was funded through a $1 billion bridge facility, a $1 billion three-year term loan and $700 million from existing liquidity.
Following completion, Harbour’s total voting ordinary shares will rise to about 1.58 billion, with legacy shareholders holding around 89% and the seller holding 11%. Seventy percent of the new shares issued are subject to a one-year lock-up.
“This marks another important step in Harbour’s journey by establishing a leading position in the US Gulf of America. We are excited to welcome our new colleagues and look forward to building on their strong heritage and proven exploration and development capabilities in the region.
“With the combined strengths of our teams, the quality of the assets, and the depth of opportunities ahead, we are well-placed to deliver significant value for our shareholders,” said Linda Z Cook, Chief Executive Officer of Harbour Energy.