Siccar Point’s private equity backers have struck a deal with Ithaca Energy
Trade sale exit for Siccar Point private equity backers
Israeli-owned UK independent Ithaca swoops for UKCS peer
Private equity firms Blackstone and Bluewater have found the answer to how to exit their investment in UK continental shelf (UKCS) producer Siccar Point Energy: a trade sale to Ithaca Energy. The UKCS producer, owned by Israel’s Delek Drillling, will pay $1.1bn upfront and up to $360mn in contingencies dependent on future developments and commodity prices. The deal represents a second transaction in thirteen months where UKCS private equity investors have found the way out through selling their vehicle to a peer in the basin. Hong Kong-headquartered Kerogen struck an agreement to sell Zennor Petroleum to Neo Energy in March last year—Neo itself is backed by Norwegian private equity firm Hite
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
