Premier Oil passes milestone towards BP North Sea deal
Sale and purchase agreements signed with UK supermajor as creditors give go-ahead to new terms
Premier Oil has signed sale and purchase agreements with BP, bringing the London-listed operator's proposed acquisition of the UK supermajor’s interests in the Andrew Area and Shell-operated Shearwater field a step closer after creditors approved the deal.
Premier chief executive Tony Durrant said: “The signing of the SPAs with BP is another important milestone in completing the value-accretive BP acquisitions, which consolidates the group’s position in the UK North Sea — one of our core areas — while, at the same time, accelerates the deleveraging of our balance sheet.”
