Cairn Energy to sell interests in North Sea oil fields for $460m
Cairn Energy has agreed to sell its interests in the UK Catcher and Kraken oil fields in the North Sea.
Waldorf Production Ltd will acquire the interests for $460m in cash, the company said on Tuesday.
Cairn said both oil fields are now entering into a natural decline phase and the sale will help it bolster its balance sheet.
The firm also backed the deal to provide flexibility to sustain and prolong the producing asset base.
Simon Thomson, CEO of Cairn, said: “The divestment of our UK producing assets as they move into decline phase, will further strengthen our ability to pursue Cairn’s strategic goals and position the company robustly for the decade ahead.”