The North Sea's largest operator Chrysaor has acquired competitor Premier Oil in a deal worth almost DKK 20 billion in a so-called reverse merger, where Chrysaor will be merged with Premier Oil, the two companies announced in a press release.
The deal thus creates the largest private oil and gas company on the London Stock Exchange and cements Chrysaor as the North Sea's largest operator ahead of Total and BP.
Linda Cook, CEO of Harbour Energy, which owns Chrysaor, will be the first woman for a major listed energy company to head the merged giant, writes Evening Standard.
- The deal is the next step in Harbour's desire to develop an independent E&P company with global relevance. It will significantly advance our leading position in the North Sea, where we will continue to invest, as well as expand our geographical footprint to Asia and South America, says Linda Cook about the agreement.
Chrysaor has invested heavily in achieving its position in the North Sea, where it has taken over fields from both Shell and ConocoPhillips and has invested a good 35 billion kroner since 2017, writes Reuters.
Chrysaor plans to use Premier Oil's assets in Asia and South America to expand its own business in those regions.
Chrysaor's shareholders will own 77 percent of the merged company. At the same time, the deal will offset Premier Oil's debt of almost DKK 8 billion. The deal still needs to be approved by shareholders and the authorities.
Chrysaor produces almost 200,000 barrels of oil equivalent per day, while Premier Oil produces 70,000 barrels in the North Sea.
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