Harbour Energy to acquire Waldorf subsidiaries for $170m

Harbour Energy has signed an statement to get substantially each subsidiaries of Waldorf Energy Partners and Waldorf Production, some presently successful administration, for $170m (£127.1m).

Under the agreement, Harbour volition summation its involvement successful the operated Catcher tract from 50% to 90%.

Catcher is simply a accepted oilfield located successful shallow h2o successful the UK.

The concern successful this tract was earlier made up of Premier Oil UK (Harbour Energy) (50%), Waldorf CNS, Waldorf Production UK (40%) and ONE-Dyas E&P (10%).

Harbour volition besides get a 29.5% non-operated involvement successful the Kraken oilfield successful the bluish North Sea, creating a caller accumulation basal for the institution successful the region.

The institution intends to usage its existing liquidity to money the transaction, which is expected to summation its escaped currency travel and fortify its UK operations.

This transaction volition adhd oil-weighted accumulation of 20,000 barrels of lipid equivalent per time (boepd) and 2P (proved and probable) reserves of 35 cardinal barrels of lipid equivalent per time (mboe/d).

Harbour UK Business Unit managing manager Scott Barr said: “This transaction is an important measurement for Harbour successful the UK North Sea, gathering connected the enactment we person already taken to prolong our presumption successful the basin, fixed the ongoing fiscal and regulatory challenges.

“It stabilises the Catcher associated task concern and delivers contiguous currency travel benefits. It besides improves the semipermanent sustainability of our UK business, the jobs it continues to enactment and the vigor information it provides.

“In addition, it facilitates a invited solution to backing and decommissioning challenges for aggregate parties successful the UK North Sea.”

Harbour plans to integrate Waldorf’s non-operated assets into its UK organisation to make operational efficiencies.

The institution expects the acquisition to present fiscal synergies via the merchandise of an estimated $350m successful currency presently deployed to unafraid Waldorf’s decommissioning liabilities, leveraging the concern people equilibrium expanse of Harbour, arsenic good arsenic via the summation of Waldorf’s UK 'ring fence' taxation losses.

As of 30 June 2025, Waldorf’s decommissioning provisions arsenic per its equilibrium expanse stood astatine $720m (pre-tax).

As astatine year-end 2024, Waldorf’s estimated full ringing obstruction taxation losses included those relating to corp taxation of astir $2.45bn, a supplementary complaint of astir $1.8bn and an vigor profits levy of astir $60m.

This acquisition is expected to adjacent successful the 2nd 4th of 2026, taxable to regulatory approvals and the solution of each creditors’ claims against Waldorf’s subsidiaries.