OMV has agreed to sell a 30% stake in Rosebank to Suncor Energy, while retaining a 20% interest. The initial consideration is US$50 million upon completion, with a contingent payment of up to a further US$165 million payable upon the partners reaching a Final Investment Decision (FID). The structure of the deal offers Suncor a low entry cost option on participation in Rosebank. Rosebank is a large pre-FID oil and gas field in the UK West of Shetlands. Due to the water depth and harsh environment it is considered a technically challenging project and will require around US$7 billion to develop. However, as the largest pre-FID field in the UKCS, it represents a good growth opportunity for the operator Chevron (40%), and other partner DONG Energy (10%). We assume FID will be taken in 2019, with first production in 2024.