Pinsent Masons advises Ithaca Energy on its US$1.5 billion acquisition of Siccar Point Energy
08 Apr 2022 | 03:25 pm |
Multinational law firm Pinsent Masons has advised Ithaca Energy on its US$1.5 billion acquisition of Siccar Point Energy from sponsors Blackstone Energy Partners and Blue Water Energy and the management team.
The acquisition will accelerate Ithaca’s growth, positioning it as one of the leading E&P operators in the UK North Sea through the addition of four of the UK’s largest oil and gas fields by reserves to its portfolio.
The consideration consists of an upfront payment of US$1.1 billion plus up to US$360 million of additional payments contingent on future developments and realised commodity prices. The Siccar Point team and Operatorship of its key UK assets will transfer to Ithaca on closing.
The transaction remains subject to regulatory approvals and is expected to complete around the end of Q2 2022.
The Pinsent Masons team was led by Global Head of Oil & Gas Rosalie Chadwick and comprised a multidisciplinary team including Michael Smith, Steven McKinley, Rachel Warner, Giles Warrington and Jamie Robson.
Commenting on the deal, Rosalie said: “The last few weeks has brought into sharp focus the UK’s need to prioritise its domestic energy supply. The North Sea and its buoyant M&A market continues to play a critical role in supporting this.”
Pinsent Masons has been advising Ithaca Energy on its North Sea portfolio for a number of years, including advising on its US$2 billion acquisition of Chevron North Sea Limited and its US$1.24 billion takeover by Israeli-listed Delek Group
Key Contacts
Latest press releases
Show me all press releasesPinsent Masons advises Great British Energy, National Wealth Fund and Scottish National Investment Bank on Pentland Investment
Multinational law firm Pinsent Masons has advised Great British Energy (“GBE”), the National Wealth Fund (“NWF”) and the Scottish National Investment Bank (“SNIB”) on their acquisition of a stake in Pentland Offshore Wind Farm from Copenhagen Infrastructure Partners (“CIP”) and agreed to provide an aggregate investment of up to £150,000,000 in the project.
Pinsent Masons advises Ufenau Capital Partners on its investment in Express Solicitors
Multinational law firm Pinsent Masons has advised Swiss-based Ufenau Capital Partners on its investment in Express Solicitors, a fast-growing UK personal injury law firm.
Pinsent Masons advises joint venture delivering Jubail Buraydah water transmission project
Multinational law firm Pinsent Masons has advised Stream Water Company (a joint venture company formed by Al Jomaih Energy & Water Company, Nesma Company and Buhur for Investment Company) on the multi-billion dollar Jubail Buraydah water transmission pipeline project.
People who viewed this press release also viewed
Show me all press releasesPinsent Masons advises Great British Energy, National Wealth Fund and Scottish National Investment Bank on Pentland Investment
Multinational law firm Pinsent Masons has advised Great British Energy (“GBE”), the National Wealth Fund (“NWF”) and the Scottish National Investment Bank (“SNIB”) on their acquisition of a stake in Pentland Offshore Wind Farm from Copenhagen Infrastructure Partners (“CIP”) and agreed to provide an aggregate investment of up to £150,000,000 in the project.
Pinsent Masons advises Ufenau Capital Partners on its investment in Express Solicitors
Multinational law firm Pinsent Masons has advised Swiss-based Ufenau Capital Partners on its investment in Express Solicitors, a fast-growing UK personal injury law firm.
Pinsent Masons advises on 350 million securitisation of Spanish mortgage loans
Multinational law firm Pinsent Masons has advised Balbec Capital LP on its €350 million Rule 144A/Reg S RMBS public securitisation.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on
Location contacts
Europe: [email protected]
Asia: [email protected]
Middle East: [email protected]
Australia: [email protected]