The transaction involves the disposal of Total's interest in ten assets located in the Eastern North Sea which were formerly owned by Maersk Oil.
Pinsent Masons advised Total on all aspects of the deal, which overall amounts to US$635 million with an effective date of January 1, 2019. The transaction remains subject to approval from the relevant authorities and is expected to close in December 2019.
The Pinsent Masons team was led by Head of Corporate Finance Rosalie Chadwick, and was assisted by Heather Hutcheon (Corporate), Rachel Warner (Oil & Gas), Euan Smith and Claire Scott (Employment) and Giles Warrington (EU & Competition).
Rosalie Chadwick, lead partner on the deal said, "We are delighted to have successfully supported Total on another strategically important UKCS deal. 2019 has already been a busy year for M&A activity in the UKCS and having also acted earlier in the year for Ithaca on its $2bn acquisition of Chevron North Sea Limited we are pleased to have advised on two of the key deals in the sector this year”.