Cairn selling Norway offshore business

Cairn Energy is withdrawing from E&P offshore Norway, after agreeing to sell its wholly-owned subsidiary Capricorn Norge.

Websiteimage Sunset

Offshore staff

EDINBURGH, UKCairn Energy is withdrawing from E&P offshore Norway, after agreeing to sell its wholly-owned subsidiary Capricorn Norge.

Stavanger-based Solveig Gas Norway will pay $100 million for Capricorn, plus customary working capital adjustments on completion.

The proceeds will allow Cairn to reduce its exploration and development capex by around $100 million.

11/27/2019

More in Business Briefs