Deal Insight

Private equity backed Siccar Point pays up to US$1 bn as OMV exits UK

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Report summary

This is the UK's largest upstream deal since 2012, and one of the biggest PE-backed deals seen outside North America since the oil price crash. The deal includes three commercial fields and eleven sub-commercial fields. The flagship asset is Schiehallion (West of Shetland), which is due back onstream in 2017 after a major re-development project. We value the commercial assets lower than the consideration, on a standalone basis. But tax synergies would boost the value of the assets in Siccar Point’s portfolio. Upsides exist in the sub-commercial reserve portfolio (indicatively worth c.US$0.6 billion) and exploration acreage. Siccar Point now has a stake in three of the four largest UK fields by remaining reserves. With production as well as substantial volumes onstream in the near term, Siccar Point becomes a full cycle E&P business. The deal allows OMV to move away from the high risk associated with the West of Shetland, to focus on low-risk discovered resource opportunities.

What's included

This report contains

  • Document

    Private equity backed Siccar Point pays up to US$1 bn as OMV exits UK

    PDF 390.32 KB

Table of contents

Tables and charts

This report includes 10 images and tables including:

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

Images

  • Siccar Point production profile
  • Wood Mackenzie valuation and consideration paid
  • OMV upstream portfolio: strategic fit of regions

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