Chrysaor Acquires Premier Oil in Reverse Takeover, Resolve Debt

Updated 11 months 1 week ago

Premier Oil and Harbour Energy announced an all-share merger of Chrsaor and Premier and the reorganization of Premier's existing debt and cross-currency swaps. This will be done through a reverse takeover, retaining Premier's London Stock Exchange listing. Premier shareholders will own up to 5.45% of the combined company with Harbour Energy owning 39.02%. Premier's $2.7 billion of total gross debt and hedging liabilities will be repaid and cancelled upon completion including a $1.23 billion cash payment to creditors.

The new board will include 11 directors including Harbour CEO Linda Cook who will lead the new company and Phil Kirk who will be president of the company. The transaction is subject to regulatory approvals and approval by Premier's shareholders and creditors.

Harbour Energy CEO

This transaction is the next step in Harbour’s aspiration to develop a new independent E&P company with global relevance. It significantly advances our leading position in the North Sea, where we will continue to re-invest, and expands our geographic footprint to Asia and Latin America. We are excited by the Premier assets in these regions and view them as the foundations upon which to build material portfolios and further diversify the company.