Cairn Sells Interest in Nova Field Offshore Norway

Photo: Wintershall

Cairn has entered into a farm-out agreement for the sale of a 10% interest in the Nova development offshore Norway.

ONE-Dyas Norge shall acquire 10% in the project by paying USD 59.5 million plus customary working capital adjustments on completion.

Following this transaction Cairn will retain a participating interest of 10% interest in the Nova development and reduce its capital expenditure to the end of 2021 in the Nova area by ~USD 110 million.

Cairn will use the proceeds of the transaction to fund group exploration and development activities.

The Nova field development plan was submitted and approved in mid-2018 by the Norwegian Petroleum Directorate with first oil targeted in 2021.

The transaction remains subject to written consent by the Norwegian Ministry of Petroleum and Energy, partner and third-party approvals.

As a result of the transaction, subject to approvals, the partners in these licences will be as follows:

  • Licences PL418/PL418B: Wintershall DEA (Operator) 45%, Spirit Energy 20%, Edison 15%, Cairn 10%, ONE-Dyas 10%;
  • Licence PL378: Wintershall DEA (Operator) 76%, Cairn 12%, ONE-Dyas 12%.

Jefferies International Limited has acted as financial advisor to Cairn in connection with the farm out agreement.

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
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  3. ​Understanding HPHT well intervention (systems)
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For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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