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.