11 Jul 2019 | 03:35 pm | 1 min. read
International law firm Pinsent Masons has advised French oil giant Total on its sale of several UK non-core assets to Petrogas NEO UK Ltd, the exploration and production arm of the Oman-based conglomerate MB Holding. Petrogas has partnered with Norway-based private equity investor HitecVision.
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”.
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.
Giles advises on the full ambit of competition law from investigations by the CMA, sector regulators and international authorities to UK, EU and international merger control appeals of regulatory decisions. He also advises on the UK's new National Security & Investment Act.
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