New UK North Sea oil firm buys Endeavour Energy UK
Recently established North Sea-focused oil and gas company Waldorf Production has agreed to buy Endeavour Energy UK.
In a statement on the 22nd October, Waldorf Production said the acquisition marked the company’s entry into the UK North Sea, “firmly establishing the company as a full cycle E&P company with a material production through its non-operated interests in the Alba, Bacchus, Bittern, and Enoch fields.”
The company also holds an interest in the Columbus field development. Pareto Securities acted as sole financial advisor to Waldorf.
Aaditya Chintalapati, CFO of Waldorf said: “We are excited to take on the high-quality assets and personnel of Endeavour. We believe the North Sea continues to provide significant opportunities for small E&P companies such as ourselves. We look forward to working closely with all stakeholders to help manage these assets in a safe and efficient manner.”
According to Waldorf, which did not say how much it had paid for the acquisition, the acquisition was funded through a combination of new equity provided predominantly by Norwegian private investors and debt financing provided by Sculptor Capital Management.
In 2018, Reuters reported that Endeavour Energy had initiated the sale of its North Sea oil and gas assets.
According to that report, Endeavour had been hoping to get US$500 million from the deal, a price target described at the time as “ambitious,” as some of the assets were no longer in production.
Source: Offshore Energy Today