OMV transferring Shetland area interests to Siccar Point

OMV has agreed to sell its UK E&P subsidiary to Siccar Point Energy Ltd. in a deal valued at up to $1 billion.

Offshore staff

VIENNA, AustriaOMV has agreed to sell its UK E&P subsidiary to Siccar Point Energy Ltd., Aberdeen, in a deal valued at up to $1 billion.

The transaction remains subject to signing of the relevant transaction documentation by the parties, due to be completed today.

A contingent payment of up to $125 million is related toChevron and its partners taking a final investment decision on the deepwater Rosebank field development west of Shetland.

OMV is one of those partners, and has other field interests in the region where it has been an operator since 2004.

Pending regulatory approvals, the deal is expected to go through during 1Q 2017.

11/08/2016

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