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Fairfield Energy plans to raise up to £350m in a London stock market float

David Hellier
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FAIRFIELD Energy, a North Sea oil exploration company, yesterday said it is going ahead with a stock market listing on the London Stock Exchange that could raise around £350m.

The listing could value the group at around £750m and put it in the FTSE 250 index.

Fairfield has not yet decided on the proportion of its shares to be sold, but sources said the stake floated was likely to be more than 25 per cent but less than half of the firm.

Fairfield, founded in 2005 and controlled by private equity firms led by Warburg Pincus, is one of several independent explorers that have been extending their grip on the North Sea in recent years, buying assets from oil majors focusing on larger reserves elsewhere. The group is led by chief executive Mark McAllister.

Advisers said that Fairfield, which explores reserves in shallow waters, might benefit from the problems surrounding BP after its massive oil spil in Louisiana because of its low risk. Directors of the group will be subject to a 360 day lock-up period in regard to their shares.

RUPERT NEWALL
HAWKPOINT

FAIRFIELD’S list of advisers is led by Hawkpoint Partners, whose managing director Rupert Newall is heading the team.

Newall, who lists oil and gas as his specialist sectors, has a career which includes spells at Bank of America, Deutsche Bank and Robert Fleming.

Joint global coordinators are Credit Suisse and Goldman Sachs.

The Goldman team includes oil specialist Julian Metherell, who is well known for being close to BP. There has been speculation that Goldman is working hard on a defence strategy for the oil giant following its disastrous oil spillage in Louisiana. Metherell is chief executive of the group’s investment banking business.

Joining Metherell on the Fairfield issue is Alasdair Warren.

Credit Suisse has James Janoskey and Robert Mayhew on its team.

The financial public relations advisers for the flotation are Pelham Bell Pottinger, which has a team led by James Henderson, and includes Mark Antelme and Gavin Davis.

Fairfield recently recruited Iain Macdonald, a former executive for 30 years at BP, to bolster its management team ahead of the listing.

In 2008 Fairfield increased its equity funding to $400m.