Bond Dickinson LLP, alongside Dechert LLP, has advised Chrysaor, the UK oil & gas independent, on a multi-billion dollar deal as it acquires a package of UK North Sea assets from oil giant Shell.
The $3 billion + transaction relates to a package of assets in the UK North Sea and consists of Shell’s interests in Beryl, Bressay, Buzzard, Elgin-Franklin, Erskine, Everest, the Greater Armada cluster, J Block, Lomond, plus a 10% stake in Schiehallion. The assets being acquired produced 115,000 barrels of oil equivalent per day in 2016.
Following completion, the acquisition will see Chrysaor become the leading UK independent focused on the North Sea. The deal is expected to complete in the second half of 2017 and will result in the transfer of around 400 Shell staff to Chrysaor.
The Bond Dickinson team has been led by oil and gas head Paul Stockley, with the firm looking after a spectrum of oil and gas legal work including an extensive due diligence exercise, specialist advice on matters such as decommissioning, and advice on and negotiation of a spread of commercial contracts.
Paul Stockley said: "This transaction was a real group effort involving a cross-disciplinary team in our Aberdeen, Bristol and London offices and working alongside Jonathan Angell and his team at Dechert. We're delighted to have worked with Chrysaor on this significant acquisition that will support the company's growth ambition as it becomes the UK’s leading independent oil & gas company."
Phil Kirk, Chief Executive of Chrysaor, added: “Chrysaor is acquiring a high quality package of assets which combine low cost production, a substantial reserves and resources base with strong cash flows and a highly competent and skilled workforce. These assets, combined with our own experience and the outstanding team who will transfer from Shell, provide an excellent platform for change and growth in the North Sea. This acquisition is the result of months of discussions and negotiations and we're grateful to Bond Dickinson for being a trusted advisor throughout the process."