Total Confirms UK North Sea Assets Sale Under Modified Terms
May 20 2020 - 3:09AM
Dow Jones News
By Cristina Roca
Total SA on Wednesday confirmed its commitment to selling its
U.K. North Sea assets to Neo Energy, and said the sale will take
place under renegotiated financial terms.
The French energy major said it has renegotiated the deal with
Norway's PE firm HitecVision AS in light of the current
environment.
"The structure of the consideration and phasing of payments has
been modified, including interest-bearing vendor financing and
earnout arrangements," Total said.
The deal is expected to close by the third quarter of this year,
Total said.
Last year, Total said it would sell the U.K. assets to Petrogas
for a $635 million consideration, and that Petrogas had partnered
with HitecVision.
PetroGas Co. isn't part of the transaction any more, Total said
on Wednesday.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
May 20, 2020 02:54 ET (06:54 GMT)
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