Maersk Acquires Noble’s Stake in Two UK North Sea Fields

Maersk Acquires Noble's Stake in Two UK North Sea Fields

Maersk Oil, a fully-owned subsidiary of the A.P. Moller – Maersk Group, has signed a definitive agreement with Noble Energy Inc for the purchase of their 30% interest in the Maersk Oil operated Dumbarton and Lochranza fields, as well as the Global Producer III FPSO (Floating Production Storage and Offloading) installation in the UK Central North Sea. Following completion, Maersk Oil will hold a 100% interest in Dumbarton and Lochranza and complete control of Global Producer III FPSO.

The transaction is core to Maersk Oil’s UK operations and secures greater control over future development opportunities throughout the wider Global Producer III installation area.

“This transaction is an important step towards realising Maersk Oil’s growth aspirations for its UK business,” said Martin Rune Pedersen, Managing Director of Maersk Oil UK.

“We see a lot of potential in the area both in terms of further developments and tying back discoveries to Global Producer III, and this transaction will help us streamline developments and to achieve the full value that we see from this area,” continued Pedersen.

Maersk Oil will pay Noble Energy Inc USD 127 million for the assets. The sale is expected to close no later than the end of Q3 2012. Dumbarton and Lochranza produce combined around 20,000 barrels of oil equivalent per day.

Source: Maersk Oil, May 31, 2012