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    2. North Sea & Europe

    Serica acquiring North Sea independent Tailwind Energy

    Dec. 20, 2022
    Serica Energy has entered an agreement to acquire UK North Sea E&P company Tailwind Energy Investments via a shares/cash transaction.
    Courtesy Tailwind Energy
    The Triton area consists of eight producing oil fields developed via common infrastructure in the UK Central North Sea, located about 190 km east of Aberdeen in water depths of 90 m.
    The Triton area consists of eight producing oil fields developed via common infrastructure in the UK Central North Sea, located about 190 km east of Aberdeen in water depths of 90 m.

    Offshore staff

    LONDON — Serica Energy has entered an agreement to acquire UK North Sea E&P company Tailwind Energy Investments via a shares/cash transaction.

    In addition, Serica will assume Tailwind’s net debt, recently estimated at £277 million (US$336 million).

    Mercuria, Tailwind’s largest existing shareholder, will in turn take a 25.2% stake in Serica.

    The two companies’ combined production in 2023 is set to rise to 40,000 to 45,000 boe/d, making Serica one of the UK’s 10 leading offshore producers.

    Production will be spread across the Bruce and Triton hubs in the northern and central UK North Sea, with 11 producing fields and upside/growth opportunities.

    Tony Craven Walker and Mitch Flegg will remain as non-executive chairman and CEO, respectively, of Serica, with Steve Edwards and Jacques Tohme joining the senior management team.

    All Tailwind employees also will be offered positions in the enlarged group.

    12.20.2022

    Related

    Courtesy Serica Energy
    Blocks 3/24c and 3/29c contain the North Eigg and South Eigg prospects and are located in the Northern North Sea, adjacent to the Serica-operated Rhum Field in Block 3/29a.
    Courtesy Serica Energy
    Serica is owner and operator of the Bruce (98%), Keith (100%) and Rhum (50%) assets consisting of more than 25 wells, three bridge-linked platforms and extensive subsea pipelines and infrastructure that tie in Rhum, Keith and the western area of Bruce to the Bruce facilities.
    Courtesy Dana Petroleum
    The Evelyn field was tied back to the Triton FPSO.
    (Courtesy Tailwind Energy)
    In January, oil production resumed from the Orlando field in the UK northern North Sea.