Deal Insight
Waldorf Production acquires MOL's UK portfolio for US$305 million
Report summary
The deal, announced on 23 March 2022, elevates Waldorf Production to a top 20 UK Continental Shelf producer while marking MOL’s UK upstream exit. The US$305 million consideration represents a 25% discount to our base case NPV10 valuation. Despite this, it is a fair deal for both parties. MOL will offload its decommissioning liabilities and be eligible for settlement payments via an earn-out clause linked to oil prices. The majority of our valuation is associated with Greater Catcher Area, which also offers Waldorf potential upside.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Greater Catcher Area (20%)
- Scott (21.83%), Telford Area (1.59%) and Rochelle (20.71%)
- Scolty and Crathes (50%)
- Cladhan (33.5%)
- Broom (29%)
- Deal analysis
-
Upsides and risks
- Upsides
- Risks
-
Strategic rationale
- Waldorf Production
- MOL
- Oil & gas pricing and assumptions
Tables and charts
This report includes 7 images and tables including:
- 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
What's included
This report contains:
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