Austrian operator OMV has agreed to sell off its UK subsidiary to private equity-backed Siccar Point Energy in a deal valued at up to $1 billion.
Aberdeen-based Siccar Point will make an initial firm payment of $750 million to OMV, with a contingent payment of $125 million due pending a final investment decision (FID) on the Chevron-operated Rosebank project off the Shetland Islands in the UK North Sea.
OMV
