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Cairn Energy

  • Energy sector braces itself for wave of supplier bankruptcies as crisis grows

    September 20, 2021

    The Government wants energy firms to “stay afloat organically”, as the growing energy crisis led to company bosses saying the outlook was “looking bleak”. Four firms have already folded and there are fears that more could follow. With wholesale prices for gas surging by 250 per cent since January, with a 70 per cent rise [...]

  • Cairn Energy in line for $1bn refund as India scraps tax law

    August 6, 2021

    Cairn Energy could be in line for a $1bn refund after the Indian government decided to scrap a controversial retrospective tax law. The FTSE 250 company has been engage in a long-running tax dispute with India over the issue. In recent months, the independent oil and gas firm has taken steps to seize some of [...]

  • Cairn Energy wins freeze on India-owned assets worth €20m in Paris

    July 8, 2021

    UK-listed Cairn Energy wins a freeze on some of India’s state-owned assets in Paris, worth over €20m (£17m), as the company dials up the pressure on the government of India to pay an arbitration award that it won last year. Cairn said the freeze was ordered by a French tribunal on around 20 centrally located [...]

  • Cairn Energy sues Air India over $1.2bn arbitration award

    May 15, 2021

    Cairn Energy has sued India’s flagship carrier Air India to enforce a $1.2bn (£850m) arbitration award that it won in a tax dispute against India, according to a US court filing. The move ratchets up pressure on India’s government to pay the sum of $1.2bn plus interest and costs that the FTSE 250 listed firm [...]

  • Cairn Energy to sell interests in North Sea oil fields for $460m

    March 9, 2021

    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 [...]

  • Cairn Energy to pay out special $250m dividend after Senegal sale

    December 17, 2020

    Oil firm Cairn Energy today said it would pay shareholders a special dividend worth a combined $250m (£188m) on completion of the sale of its Senegalese assets. The one-off payment will see the exploratory firm pay out 32p per share to investors, it said in a statement. The payout, which is expected on 25 January, [...]

  • Cairn Energy plunges to $324m loss after hefty one-off charge

    September 29, 2020

    Oil explorer Cairn Energy today booked a $324m (£251.8m) loss for the first half after it was hit by a hefty impairment charge related to its assets in Senegal. However, the FTSE 250 firm said that it had safely managed the coronavirus crisis and was well positioned to generate future growth. The figures In a [...]

  • Cairn Energy sells Senegal stakes to Lukoil for $400m

    July 27, 2020

    Oil explorer Cairn Energy has sold its entire stake in a number of oil fields off the coast of Senegal to Russian firm Lukoil for $400m (£310m).  The firm said it would return “at least” $250m to shareholders as part of a special dividend. Shares in the FTSE 250 firm shot up 7.4 per cent [...]

  • Cairn Energy quits Norway with $100m subsidiary sale

    November 27, 2019

    Edinburgh-headquartered Cairn Energy this morning announced it would sell its final Norwegian oil subsidiary to Solveig Gas for $100m (£77.7m). The disposal of Capricorn Norge AS, which is expected to complete in January, will see Cairn reduce its committed exploration capital expenditure by $100m. Read more: Cairn Energy shares drop 10 per cent The FTSE [...]

  • Cairn Energy share price drops as it ditches Mexico oil well

    October 28, 2019

    Shares in Cairn Energy slumped more than 10 per cent this morning after the oil company revealed that it was abandoning a well in Mexico. The FTSE 250 company is on track for its worst day since the financial crisis. At one point, shares fell to a low of £1.57, down nearly 18 per cent [...]

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