In addition, Serica will assume Tailwind’s net debt, recently estimated at £277 million (US$336 million).
Mercuria, Tailwind’s largest existing shareholder, will in turn take a 25.2% stake in Serica.
The two companies’ combined production in 2023 is set to rise to 40,000 to 45,000 boe/d, making Serica one of the UK’s 10 leading offshore producers.
Production will be spread across the Bruce and Triton hubs in the northern and central UK North Sea, with 11 producing fields and upside/growth opportunities.
Tony Craven Walker and Mitch Flegg will remain as non-executive chairman and CEO, respectively, of Serica, with Steve Edwards and Jacques Tohme joining the senior management team.
All Tailwind employees also will be offered positions in the enlarged group.