Cairn exits NorwaySimon Thomson, Cairn CEO. Source: Cairn Energy

Cairn exits Norway

Cairn announces that it has entered into an agreement to dispose of the entire share capital of Capricorn Norge AS, with effect from 1 January 2020.

Solveig Gas Norway AS shall acquire all the shares in Capricorn Norge AS by paying US$ 100 million plus customary working capital adjustments on completion.

Following this transaction, Cairn will have disposed of all of its assets in Norway and will reduce its committed exploration and development capital expenditure by ~US$100 m.

Cairn will use the proceeds of the transaction to fund its ongoing business.

“This is a further attractive transaction for Cairn shareholders in line with our consistent strategy to realize value and redeploy capital within our portfolio. We continue to have a material business in the UK North Sea where production performance of the Kraken and Catcher assets remains strong. We wish all of the team in Stavanger every success in the future”, Simon Thomson, Cairn CEO, said.

Cairn Energy drilled 4 exploration wells in Norway and the UK in 2019. All four wells were dry: Presto (NCS), Lynghaug (NCS), Godalen (NCS), Chimera (UKCS).

Press release

The four prospects Capricorn Norge/Cairn drilled in 2019. Source: Cairn Energy