Private equity in the North Sea: getting assets into the right hands

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03 July 2017

Private equity in the North Sea: getting assets into the right hands

Report summary

This insight looks at the corporate landscape in the UK and Norway as it shifts from the Majors to a wave of ‘North Sea mid-caps’ including independents and private equity (PE) backed investment vehicles. PE companies have an appetite to grow but can they unlock value and what are their exit strategies?

Table of contents

  • Executive summary
    • Who are the new kids on the blocks?
      • A major theme coming to the fore is the emergence of PE
      • What are the business strategies and where is the exit point?
      • Case studies – Siccar Point
        • Background
        • Siccar Point takes stakes in three of the four largest fields in the UK
        • Exit strategy and financials
      • Case studies - Point Resources
        • ExxonMobil sells US$1bn Norwegian operated upstream business to PE-backed Point Resources
        • Exit strategy and financials
      • Pros and cons of the new ‘North Sea mid-caps’
      • What is the value proposition in the North Sea?
        • Exploration is out of favour but there is opportunity
        • Production has historically been expensive but late-life investment could offer upside
        • North Sea mid caps Aker BP and Point Resources show the way
          • Chrysaor/Shell deal overcomes significant decommissioning hurdle
          • The ‘Apache model’ gives an indication of what can be done
          • But what are the barriers to value creation?

Tables and charts

This report includes 16 images and tables including:

  • Number of North Sea FIDs
  • Majors % of spend by region
  • Overview of private equity players in the North Sea
  • Pros and cons of the ‘North-Sea mid-caps’
  • Post-tax remaining value by country
  • Siccar Point cashflow (2016 – 2025)
  • Siccar Point timeline
  • Point Resources cashflow (2017 – 2030)
  • Point Resources timeline
  • Norway value creation v YTF volumes
  • Undeveloped resource in the UK and Norway
  • Production profile at Valhall
  • Production profile at Balder & Ringhorne
  • Armada and J-Area production profile pre and post Chrysaor/Shell deal
  • Beryl near field discoveries economics
  • Beryl Area infrastructure led exploration

What's included

This report contains:

  • Document

    Private equity in the North Sea: getting assets into the right hands

    PDF 1.23 MB