Deal Insight
Waldorf Production acquires MOL's UK portfolio for US$305 million
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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
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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
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Upsides and risks
- Upsides
- Risks
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Strategic rationale
- Waldorf Production
- MOL
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Deal analysis: Table 1Deal analysis: Table 2
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Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Upstream assets: Table 1
What's included
This report contains:
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