Waldorf nears $1bn deal to buy ONE-Dyas assets: press
Private equity-backed Waldorf Production is close to cutting a deal to buy oil and gas assets in the UK and Dutch North Sea from ONE-Dyas for $1bn, sources told Reuters on February 11.
Under the proposed terms, Waldorf could also pick up assets in Norway and Gabon from ONE-Dyas, should the latter, privately-owned company fail to find other buyers.
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Waldorf is the smaller of the two companies, with shares in seven producing oil and gas fields in the UK that net it around 22,000 barrels of oil equivalent/day. According to Bloomberg, the assets in the North Sea and Gabon that ONE-Dyas launched the sales process for in July last year produce nearly 30,000 boe/d alone.
Waldorf and other private equity-backed firms have been steadily expanding their share of North Sea production over the years, often through acquisitions of assets from more established players. The company bought shares in the Kraken and Catcher oilfields off the coast of the UK in November last year for $460mn from Cairn Energy.