OMV closed the divestment of OMV (U.K.) Limited
Today, OMV, the international integrated oil and gas company based in Vienna, closed the sale of 100% of the shares in its wholly owned subsidiary OMV (U.K.) Limited to Siccar Point Energy Limited, Aberdeen, following the fulfillment of the agreed conditions, including regulatory approval. The transaction was signed on November 9, 2016.
Siccar Point Energy Limited made a firm closing payment of approximately USD 870 mn. The transaction documentation provides for further contingent purchase price elements depending on the co-venturers' approval of the Rosebank project final investment decision.
The sale of OMV UK fits with OMV´s strategy of rebalancing and optimizing the upstream portfolio.
Background information:
OMV (U.K.) Limited
OMV UK has interests in 22 licenses at various stages of production, development, appraisal and exploration. The portfolio includes: the Jade field (OMV UK share 5.6%) which is currently producing in the UK Central North Sea. The Schiehallion redevelopment (OMV UK share 11.8%) operated by BP and located West of the Shetland Islands is scheduled to start production in 2017. In Rosebank OMV UK holds a 20% share after the divestment of 30% to Suncor Energy in October 2016. Further projects – Cambo, Tornado and Suilven in the region West of Shetlands and Jackdaw in Central North Sea – are also part of the divested OMV portfolio in the UK.
OMV Aktiengesellschaft
With Group sales of EUR 23 bn and a workforce of around 24,100 employees in 2015, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV focuses on three core regions – CEE (Romania, Austria), North Sea as well as Middle East and Africa – and selected development areas. 2015 daily production stood at approximately 303 kboe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries as of end of 2015. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2015, gas sales volumes amounted to 110 TWh.