Maples Advises Chrysaor on its Acquisition of North Sea Assets
Maples and Calder has advised Chrysaor Holdings Limited ("Chrysaor"), the UK oil and gas independent, on the Cayman Islands legal aspects of its acquisition of a package of assets in the UK North Sea from Shell UK Limited and its affiliates ("Shell"’) for US$3 billion. Future additional payments may be made between the two companies, contingent upon exploration results and commodity prices. The transaction is subject to regulatory and partner consents and is expected to complete in the second half of 2017.
The package represents part of Shell's pledged $30 billion of disposals from its global portfolio before 2018 following its takeover of BG Group, and consists of Shell's interests in Buzzard, Beryl, Elgin-Franklin, J-Block, the Greater Armada cluster, Everest, Lomond and Erskine, plus a 10% stake in Schiehallion. On completion of the acquisition, Chrysaor will become the leading UK independent E&P company focused on the North Sea. Corporate partner Jack Marriott led the Maples and Calder team based in London.