Overview
- Joint administrators signed a binding share sale agreement for substantially all subsidiaries of Waldorf Energy Partners and Waldorf Production, excluding Waldorf Energy Finance.
- The deal adds about 20,000 boepd and 35 million boe of 2P reserves, lifts Harbour’s operated stake in the Catcher field to 90%, and grants a 29.5% non‑operated interest in the Kraken field.
- Harbour plans to use existing liquidity to fund the transaction, which it expects to be immediately materially accretive to free cash flow.
- Projected synergies include the release of an estimated $350 million posted against Waldorf’s decommissioning liabilities and access to Waldorf’s UK ring‑fence tax losses.
- Completion remains conditional on North Sea Transition Authority consent and creditor resolutions, with WPUK set to withdraw its Supreme Court appeal and lock‑up support reported from 87% of WPUK bondholders, about 40% of WEF bondholders, Capricorn Energy and Alpha Petroleum, as Capricorn agrees a $4–5 million claim compromise.