Private equity-backed Chrysaor has completed the purchase of a cluster of gas field stakes in the North Sea in preparation for a redevelopment of the Armada area.
In a statement Chrysaor Monday confirmed completion of the deal announced in March to take over the stakes it didn't already hold from Spirit Energy, which is majority-owned by UK utility Centrica together with Germany's Bayerngas. It said it was ready to go ahead with a redevelopment under a hybrid deal with service provider Baker Hughes, a GE company.
The deal adds to the stakes Chrysaor bought from Shell as part of a package of assets last year in a deal worth up to $3.8 billion.
Chrysaor gains the 23.58% stake it didn't already own in three Armada fields: Drake, Fleming and Hawkins. It also gets an additional 64% stake in the Maria field and a 43% stake in the Seymour field, taking its ownership in all the fields to 100%.
The company said it had already been awarded additional license acreage in the area as part of the UK's 30th offshore licensing round last month and said it now has an ultra-harsh environment drilling rig in place for the multi-well development campaign.
"Our focus now is on realizing the full potential of this extensive group of assets," Chrysaor chief executive Phil Kirk said.
