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Harbour Vitality has signed an settlement to accumulate considerably all subsidiaries of Waldorf Vitality Companions and Waldorf Manufacturing, each at present in administration, for $170m (£127.1m).
Below the settlement, Harbour will enhance its stake within the operated Catcher area from 50% to 90%.
Catcher is a traditional oilfield situated in shallow water within the UK.
The partnership on this area was earlier made up of Premier Oil UK (Harbour Vitality) (50%), Waldorf CNS, Waldorf Manufacturing UK (40%) and ONE-Dyas E&P (10%).
Harbour can even get hold of a 29.5% non-operated curiosity within the Kraken oilfield within the northern North Sea, creating a brand new manufacturing base for the corporate within the area.
The corporate intends to make use of its present liquidity to fund the transaction, which is predicted to extend its free money move and strengthen its UK operations.
This transaction will add oil-weighted manufacturing of 20,000 barrels of oil equal per day (boepd) and 2P (proved and possible) reserves of 35 million barrels of oil equal per day (mboe/d).
Harbour UK Enterprise Unit managing director Scott Barr mentioned: “This transaction is a vital step for Harbour within the UK North Sea, constructing on the motion now we have already taken to maintain our place within the basin, given the continued fiscal and regulatory challenges.
“It stabilises the Catcher three way partnership partnership and delivers fast money move advantages. It additionally improves the long-term sustainability of our UK enterprise, the roles it continues to help and the power safety it gives.
“As well as, it facilitates a welcome resolution to funding and decommissioning challenges for a number of events within the UK North Sea.”
Harbour plans to combine Waldorf’s non-operated property into its UK organisation to generate operational efficiencies.
The corporate expects the acquisition to ship monetary synergies by way of the discharge of an estimated $350m in money presently deployed to safe Waldorf’s decommissioning liabilities, leveraging the funding grade steadiness sheet of Harbour, in addition to by way of the addition of Waldorf’s UK ‘ring fence’ tax losses.
As of 30 June 2025, Waldorf’s decommissioning provisions as per its steadiness sheet stood at $720m (pre-tax).
As at year-end 2024, Waldorf’s estimated complete ring fence tax losses included these regarding company tax of round $2.45bn, a supplementary cost of round $1.8bn and an power income levy of round $60m.
This acquisition is predicted to shut within the second quarter of 2026, topic to regulatory approvals and the decision of all collectors’ claims towards Waldorf’s subsidiaries.
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