Harbour Energy to Buy Waldorf Subsidiaries for $170 Million

Harbour Energy Plc, one of the largest independent oil and gas firms in the UK, agreed to pay $170 million for all the subsidiaries of Waldorf Energy Partners Ltd. and Waldorf Production Ltd.

The deal will add 20,000 barrels of oil equivalent a day to production and increases the company’s share of the Catcher field in the North Sea to 90% from 50%, Harbour Energy said in a statement on Friday. The subsidiaries are currently in administration and the acquisition will release an estimated $350 million of cash posted to secure Waldorf’s decommissioning liabilities, it added.