Harbour Energy to Acquire LLOG Exploration for $3.2 Billion
(Bloomberg) -- Harbour Energy Plc agreed to acquire LLOG Exploration Co. for $3.2 billion, marking the UK company’s entry into the deepwater US Gulf of Mexico.
The transaction comprises $2.7 billion in cash and $500 million of Harbour’s voting shares, it said Monday. The deal establishes another core business unit alongside Norway, the UK, Argentina and Mexico.
The London-based company, one of the largest producers in the UK North Sea, has been adding operations abroad as fields at home go into decline and the government sticks to a punishing windfall tax. Two years ago it agreed to buy Wintershall Dea AG assets in several regions including South America and Africa.
“The transaction positions us as a leading player in a region with well-established infrastructure, a supportive fiscal and regulatory environment and opportunities for additional growth,” Harbour Chief Executive Officer Linda Cook said in a statement.
LLOG, one of the largest closely held oil and gas producers in the US Gulf, is controlled by the family of founder Gerald Boelte, who died last year. It provides “low-breakeven assets” with production of 34,000 barrels of oil equivalent a day, according to the statement.
Completion of the acquisition is expected late in the first quarter of next year, subject to customary closing conditions.
(Updates with company comment in fourth paragraph.)
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