UK-based Cairn Energy is offloading its assets off Norway after a pair of drilling disappointments, with buyer Solveig Gas set to boost its upstream position through the $100 million deal.
Solveig, backed by Norwegian private equity fund HitecVision, will get its hands on Cairn subsidiary Capricorn's key country asset, a 10% non-operated stake in Wintershall Dea’s Nova field development in the North Sea, as well as a number of exploration licences.
The sale by Cairn, set to be completed in early 2020 subject to regulatory and other customary approvals, follows an abortive drilling campaign by the subsidiary with its first two operated wildcats off Norway that came up dry at the Lynghaug and Godalen prospects in the Norwegian Sea.
