One-Page Deal Sheet
Cairn Sells Assets in North Sea After Unfavorable Year
Not Disclosed Cairn Energy Plc
Announced Date
August 20,2013
Close Date
August 20,2013
Transaction Type
Property
Enterprise Value (EV)($MM)
72
Asset/Basin:
{"North Sea"}
Transaction Details: Subscribe to see
Cairn Energy is to sell its stake in the Mariner oil field as part of a series of asset exchanges announced by the oil group this morning.
The Edinburgh-based has sold its 6% stake in the field west of Shetland, along with an 80% stake in Mermaid to Dyas UK for at least $43m.
The move comes as Cairn, which posted a $219 million loss for the first six months of the year, bought a 20% stake in two of Premier Oil’s Norwegian North Sea licences, including the Grosbeak discovery.
Cairn has also swapped its 20% stake in the Cladhan South licence for a 15% stake in two licences south of the Catcher…
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