Pinsent Masons advises Ithaca Energy on landmark $2 billion North Sea acquisition
31 May 2019 | 10:00 am | 1 min. read
International law firm Pinsent Masons has advised North Sea focussed oil and gas operator Ithaca Energy Limited on its acquisition of Chevron North Sea Limited ("CNSL") in a deal worth $2 billion.
The transaction will add a further ten producing field interests to the existing portfolio, four of which relate to assets operated by CNSL.
Pinsent Masons advised Ithaca Energy on all aspects of the deal, which will result in a 300% increase in 2019 forecast production, and establish it as the second largest independent oil and gas producer in the UK North Sea.
The Pinsent Masons team was led by Head of Corporate Finance Rosalie Chadwick, and was assisted by Brian Thumath, James McMillan and Ailie Isdale (Corporate), Iain Macaulay and Michael Duffy (Finance), Shirley Allen and Rachel Warner (Oil & Gas), Euan Smith (Employment), Jae Fassam (Pensions) and Jeremy Webster and Jamie Robson (Tax).
Rosalie Chadwick, lead partner on the deal said, "This has been another exciting chapter in our long standing relationship with Ithaca. This reinforces Ithaca's position as a major player in the UK's North Sea, as well as an example of continued investment and interest in the North Sea Continental Shelf. It is a transformational deal for Ithaca and one we are delighted to have be involved in in 2017.”
Pinsent Masons also advised Ithaca on its $1.24 billion takeover by Israeli-listed Delek Group.
Key Contacts
Meet the team
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Brian Thumath
Legal Director
Brian specialises in corporate law and advises clients on all matters including mergers and acquisitions, equity fundraisings, joint ventures, investments, takeovers and corporate governance.
Michael Duffy
Senior Associate
Michael specialises in Energy and Infrastructure finance, advising lenders (bank and non-bank), stakeholders and developers in project and asset finance transactions and acquisitions/divestments in the renewable energy, infrastructure and oil and gas markets.
Shirley Allen
Partner
Shirley has extensive knowledge of the oil and gas sector having advised clients in this sector for over twenty years.
Rachel Warner
Legal Director
Rachel is a legal director who specialises in upstream oil and gas projects and general commercial contracts for the industry and has particular experience in the acquisition, disposal and operation of offshore assets.
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