Harbour Energy has this morning announced it agreed a deal to acquire substantially all the subsidiaries of Waldorf Energy Partners Ltd and Waldorf Production Ltd, currently in administration, for almost £127million.
The acquisition will support the competitiveness, resilience and longevity of Harbour's UK business, adding oil-weighted production of 20 kboepd and 2P reserves of 35 mmboe.
It will also increase Harbour's interest in its operated Catcher field to 90% (from 50%) and improve the financial stability of the joint venture partnership.
Additionally, it will provide a new production base for Harbour in the Northern North Sea with the addition of a 29.5% non-operated interest in the Kraken oil field.
Completion is expected to occur during the second quarter of 2026 and is subject to, among others, customary regulatory approvals and full and final settlement of all creditor claims against Waldorf's subsidiaries.
Scott Barr, managing director of Harbour's UK Business Unit, commented: "This transaction is an important step for Harbour in the UK North Sea, building on the action we've already taken to sustain our position in the basin given the ongoing fiscal and regulatory challenges.
"It stabilises the Catcher joint venture partnership and delivers immediate cash flow benefits. It also improves the long-term sustainability of our UK business, the jobs it continues to support and the energy security it provides. In addition, it facilitates a welcome solution to funding and decommissioning challenges for multiple parties in the UK North Sea."
FTSE100
The UK's flagship share index, the FTSE 100, was up 86 points at 9,748 shortly after opening this morning.
Brent crude oil futures were up 0.05% at $61.53 a barrel.