Harbour Energy's Biggest Shareholder Distributes Stake, Cuts It to 16%

Photo: Harbour Energy
Photo: Harbour Energy

Harbour Energy said on Friday that largest shareholder, EIG Asset Management, has distributed some of its stake in North Sea's biggest oil and gas producer to existing investors, resulting in a dilution in its holding to 16% from 37%.

The share distribution follows the merger of debt-laden Premier Oil Plc with private equity Chrysaor Holdings to form Harbour Energy in October 2020.  

EIG had then held 36% stake in the newly formed company and has now distributed some of the shares in it to fund investors.

The development also comes as Harbour Energy grapples with Britain's 25% windfall tax on oil and gas producers' profits, the consequence of which could lead Harbour to shrink its investments in the country.  

Harbour on Friday also requested that both EIG-nominated directors R Blair Thomas and Steve Farris remain on the board due to their "value and contribution," and said Blair Thomas will continue to hold his position as chairman.

EIG's reduced stake now entitles the shareholder to only one nominated director.

Shares of Harbour, which are down about 9% so far this year, rose 2% on Friday.

(Reporting by Radhika Anilkumar in Bengaluru; editing by Uttaresh.V)

Current News

TotalEnergies Books Noble Viking Drillship for Oceania Job

TotalEnergies Books Noble Viki

Zenith Energy Gets On Board UK Gas and Hydrogen Storage Project

Zenith Energy Gets On Board UK

UK: Renewables Workforce to Grow to 42,000 In Next Five Years

UK: Renewables Workforce to Gr

Shell Hires Subsea7 for Work at Aphrodite Development off Trinidad

Shell Hires Subsea7 for Work a

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine