North Sea Producer Siccar Point Receives Multiple Buyout Offers

Source Press
Company Siccar Point Energy Ltd.Chrysaor Holdings LimitedEquinor ASA 
Tags Upstream Activities, Deal Rumours
Date January 21, 2020

(Bloomberg) - Siccar Point Energy Ltd., the North Sea oil producer backed by Blackstone Group Inc., has received final bids from suitors including Chrysaor Holdings Ltd. and  Equinor ASA, people with knowledge of the matter said.

Canada’s Suncor Energy Inc., Chinese oil major Cnooc Ltd. and a company backed by private equity firm HitecVision AS also submitted binding offers, the people said, asking not to be identified because the information is private. Many proposals fell short of the price expectations of Siccar Point’s owners, and some parties expressed interest only in certain assets, they said.

Blackstone and Blue Water Energy LLP were earlier planning to seek about $2 billion to $3 billion from a sale of Siccar Point, the people said. They are now evaluating the bids and will decide whether to proceed with a transaction or hold on to the business for longer, the people said.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd