Ithaca completes $2 billion Chevron North Sea deal
Ithaca Energy Limited (“Ithaca” or the “Company”) announced that it has completed the $2 billion acquisition of Chevron North Sea Limited (“CNSL”).
The transaction provides a material and important step up in the scale and breadth of the Company’s asset base, adding ten additional producing field interests to the existing portfolio, along with a wider portfolio of investment opportunities from which to grow the future cashflows of the business and accelerate monetisation of the Company’s existing UK tax allowances.
Taking into account the interim period cashflows generated by CNSL since the transaction effective date of 1 January 2019, the $200 million deposit paid at signing of the transaction and conventional working capital adjustments, the price payable at completion of the acquisition was $1.5 billion.
Source / More : Ithaca Energy Limited