Harbour Energy PLC on Friday said it has agreed to acquire all the subsidiaries of two oil and gas companies to boost its assets in the UK North Sea.
The oil and gas producer, with operations across Europe, Latin America, North Africa and Southeast Asia, said it will buy all the subsidiaries of Waldorf Energy Partners Ltd and Waldorf Production Ltd, which are currently in administration, for $170 million.
Harbour said it expects the acquisition to add oil-weighted production of 20 thousand barrels of oil equivalent per day and 2P reserves of 35 million.
This is because the acquisition increases Harbour’s interest in its operated Catcher field to 90% from 50%, and provides a new production base in the Northern North Sea by adding a 29.5% non-operated interest in the Kraken oil field.
Harbour said an estimated $350 million in cash would be released, which is currently posted to secure Waldorf’s decommissioning liabilities.
The company will also add Waldorf’s UK ring fence tax losses, which, as at year-end 2024, included those relating to corporation tax of around $2.45 billion, supplementary charge of approximately $1.80 billion and an energy profits levy of around $60 million.
It said it expects to complete the acquisition during the second quarter of 2026.
‘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,’ said Scott Barr, the managing director of Harbour’s UK Business Unit.
‘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.’
Shares in Harbour rose 7.2% to 213.60 pence on Friday morning in London.
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