Oranje-Nassau grabs bargain as distressed Sterling Resources sells its UK business at a discount
Canadian-listed Sterling Resources has announced the sale of the UK arm of its business, for US$163 million. This is the third notable North Sea deal announced in 2017, and will bring the total value traded to around US$4 billion, with further deals in the pipeline. Following shareholder approval and subsequent deal completion, Sterling Resources will be wound up. Conversely, Oranje-Nassau Energie has been looking to grow its portfolio in the Southern North Sea. This gas-centric deal follows the acquisition of an interest in the Sean field from Shell in 2015.