Deal insight

Cairn Energy sells 10% stake in Catcher to Dyas through carry arrangement

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Report summary

Cairn Energy is to farm down a 10% stake in the Greater Catcher area development and adjacent acreage to Dyas. The deal is structured as a carry: Dyas will fund Cairn's exploration and development costs up to a cap of US$182 million. Catcher is the largest discovery in the UK since 2010. The field received development sanction in June 2014, and is expected to require total capex of US$2.4 billion between 2014 and 2018.

What's included

This report contains

  • Document

    Cairn Energy sells 10% stake in Catcher to Dyas through carry arrangement

    PDF 295.03 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 4 images and tables including:

Images

  • Cairn capex profile pre-deal vs post-deal
  • Dyas capex and cash flow pre-deal vs post-deal

Tables

  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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