OMV (UK) Ltd., a wholly held subsidiary of OMV, is headquartered in London and has been active in the UK for more than 20 years. Its asset portfolio, concentrated in the West of Shetlands region of the UK Continental Shelf, comprises current production, future developments, and exploration acreage.
Key assets include 11.8% interest in Schiehallion oil field and 20% interest in Rosebank field. Other assets include 5.6% interest in the producing Jade field and several West of Shetland discoveries that would be operated by Siccar Point.
The deal value consists of a firm payment of $750 million and a contingent payment related to the Rosebank final investment decision of up to $125 million. The companies also agreed on a purchase price adjustment with respect to capital expenditure as of the deal’s effective date of Jan. 1, resulting in further consideration of $125 million. The deal is expected to close in first-quarter 2017.
Siccar Point is a North Sea-focused exploration and production company backed by private equity firms Blue Water Energy LLP and Blackstone Energy Partners LP. In August Siccar Point acquired 8.9% interest in the Greater Mariner Area including Mariner oil field.