Harbour Energy, which has been shedding jobs in the North Sea, is acquiring the subsidiaries of Waldorf Energy Partners and Waldorf Production for $170 million.
It says the deal improves the long-term sustainability of its UK business, including jobs in the region.
The acquisition will increase Harbour’s interest in the Catcher field to 90%, and add a 29.5% non-operated interest in the Kraken oil field, by providing a new production base in the northern North Sea.
The deal is projected release an estimated $350 million in cash posted for decommissioning liabilities and the addition of Waldorf’s UK ring fence tax losses, with completion anticipated in the second quarter of 2026.
Scott Barr, managing director of Harbour’s UK Business Unit, commented: “This transaction is an important step for Harbour in the UK North Sea, building on the action we’ve already taken to sustain our position in the basin given the ongoing fiscal and regulatory challenges.
“It stabilises the Catcher joint venture partnership and delivers immediate cash flow benefits. It also improves the long-term sustainability of our UK business, the jobs it continues to support and the energy security it provides.
“In addition, it facilitates a welcome solution to funding and decommissioning challenges for multiple parties in the UK North Sea.”
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