EnQuest, an independent energy company with subsidiaries in the UK North Sea and Malaysia, is happy to declare that it has agreed to sell a 15% stake in both the Bressay field and the EnQuest Producer FPSO to RockRose, a subsidiary of Viaro Energy.
Both assets are located in the UK North Sea.
The deal, worth £46.0 million in total, will require RockRose to make an upfront payment of £34.75 million to EnQuest, which will be used for general corporate purposes. The remaining £11.25 million will be paid from the future cash flows of Bressay. RockRose will also cover its proportion of the capital expenditure for the Bressay development, following an approved plan and timeline.
Steve Bowyer, EnQuest’s GM North Sea, said, “We are advancing the development of the broader Kraken area, which includes a Bressay gas tie-back solution to lower Kraken emissions, and an early production solution project at Bressay. We are excited to collaborate with Rockrose, Waldorf (our Kraken JV partner) and the NSTA to move the project forward.”