Delek Closes Acquisition of Chevron's North Sea Assets in UK

Updated 1 year 10 months ago

Delek subsidiary Ithaca Energy has completed the USD 2 billion acquisition of Chevron North Sea Ltd. (CNSL). Taking into account the interim period cashflows generated by CNSL since the transaction's effective date of Jan 1, 2019, the USD 200 million deposit paid at signing, and working capital adjustments, the price payable at completion of the acquisition was USD 1.5 billion. The net drawn debt of Ithaca as of the completion date was USD 1.6 billion, which takes into account debt refinancing associated with the transaction.

Asset include the Chevron-operated Captain, Alba, Erskine, and Alder fields as well as Chrysaor-operated Britannia, Brodger, Callanish, Enochdhu, and Jade fields and the Total-operated Elgin-Franlkin field.