Royal Offshore, partners invest in GoM developments
July 30, 2008
Royal Offshore has closed on a $350 million
equity commitment from Avista Capital Partners, EnCap Investments, and
the Royal Group for the exploration and development of oil and natural
gas resources in the Gulf of Mexico.
Offshore staff
NEW YORK CITY -- Royal Offshore has closed on a $350 million equity commitment from Avista Capital Partners, EnCap Investments, and the Royal Group for the exploration and development of oil and natural gas resources in the Gulf of Mexico. Royal Offshore controls interests in over 55 shallow and mid-water Gulf of Mexico leases, which the company intends to develop over the next several years.
The Royal Group is contributing over 55 leases in the GoM plus all seismic data and prospects to the venture. Avista and EnCap will each be contributing $122.5 million, with the Royal Group and management together contributing the remaining $105 million.
