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Stella and Harrier asset deal done
Posted 08.05.2012 09:13:26 av John Bradbury
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Ithaca has completed a previously announced equity deal over the UK North Sea Stella and Harrier field developments and other assets which brings Petrofac into the project as a 20% share holder in exchange for providing a floating production facility.

Under the terms of the deal which was previously announced last October Petrofac acquired 20% in the Stella, Harrier, Hurricane and Stelios fields in the UK Central North Sea.

As part of the transaction Ithaca and field partner Dyas also acquired 80% of FPF 1 Limited – the company owned by Petrofac which controls the FPF 1 production facility -  which was valued at the time of the deal last October at US $43 million. 

As a result Ithaca now owns 54.66% of Stella and Harrier in UK block 30/6a, and the same equity in the Hurricane field in block 29/10b, and  Helios in block 29/10d, while Dyas has 25.34% in each, and Petrofac 20%.
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