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

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 10 images and tables including:

Images

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

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

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