US and UK Firms Drill Into $2BN North Sea Deal
The deal sees U.S. oil giant Chevron pull out of the North Sea, with Aberdeen-based Ithaca expanding its exploration capabilities.
May 30, 2019 at 09:09 AM
2 minute read
Latham & Watkins and Pinsent Masons are among the firms to have bagged lead roles on oil and gas producer Ithaca Energy's $2 billion purchase of Chevron's North Sea business.
Pinsents is advising longstanding client Ithaca on the deal with a team led by corporate finance head Rosalie Chadwick, who previously advised the company on its $646 million sale to Israeli-listed company Delek Group in 2017.
Latham, meanwhile, is advising Chevron North Sea – a subsidiary of oil and gas company Chevron Corporation. The firm's team is being led by City partner and co-chair of the firm's oil and gas industry group Simon Tysoe, with support from tax partner Sean Finn and IP partner Deborah Kirk.
Scottish firm Brodies is also advising Chevron, with head of energy and infrastructure Clare Munro and oil and gas partner Sonia Love leading for the firm.
Aberdeen-headquartered Ithaca expects the takeover to enable it to increase its reserves by 150% and its 2019 oil production by as much as 300%, according to the company's statement.
The deal will also see about 500 Chevron North Sea employees transfer to Ithaca, including 200 offshore workers.
Meanwhile, Herbert Smith Freehills natural resources partner William Breeze is acting for chief underwriters BNP Paribas, with partner William Arrenberg advising the bank on tax aspects.
The transaction is expected to complete near the end of the third quarter this year, following approval by the U.K. Oil and Gas Authority, according to Ithaca's statement.
In April, Linklaters and Allen & Overy picked up roles on private equity firm Carlyle Group's $3.6 billion acquisition of a stake in European oil and gas company CEPSA from United Arab Emirates' $225 billion sovereign wealth fund, Mubadala.
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