Viaro Energy to Acquire SSE's E&P Assets in the North Sea

Updated 8 months 3 weeks ago

SSE has agreed to sell all of its interests in its portfolio of gas exploration and production assets to Viaro Energy via its subsidiary, RockRose Energy for a total consideration of GBP 120 million. This includes equity shares in over 15 producing fields in three regions of the North Sea: the Easington Catchment Area, Bacton Catchment Area, and Greater Laggan Area. SSE has an oblication to pay 60% of the decommissioning costs estimated at GBP 390.1 million. GBP 25 million is payable at closing with an additional consideration based on gas pricing in the second half of 2021, and up to $750,000 per Bcf if the Glendronach prospect produces. Bank of America served as an advisor on the deal.