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.