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December 1, 2017

Deals this week: Total, United Oil & Gas, Royal Boskalis Westminster

Total S.A. has agreed to dispose its 51% stake in the Martin Linge oil and gas field and 40% interest in the Garantiana oil discovery to Statoil Petroleum AS for a sum of $1.45bn.

Total S.A. has agreed to dispose its 51% stake in the Martin Linge oil and gas field and 40% interest in the Garantiana oil discovery to Statoil Petroleum AS for a sum of $1.45bn.

Martin Linge field is located at a water depth of approximately 115m and holds recoverable resources exceeding 300 million metric barrels of oil equivalent (Mmboe).

"United Oil & Gas Plc has entered an arrangement to acquire 20% stake in Walton-Morant exploration license from Tullow Jamaica Ltd."

The Garantiana discovery lies at a water depth of approximately 380m in the Norwegian North Sea and holds recoverable resources between 50 million and 70 million metric barrels of oil equivalent.

The transaction is currently scheduled for completion in 2018 and will allow Statoil to expand its business within the Norwegian continental shelf.

United Oil & Gas Plc has entered an arrangement to acquire 20% stake in Walton-Morant exploration license from Tullow Jamaica Ltd.

The Walton-Morant license extends over an area of 32,000km² and contains a mixture of Cretaceous and Tertiary-aged clastic and carbonate reservoir targets.

United Oil has agreed to pay a 20% share of costs for Phase 1c of the current exploration programme from 1 November.

The transaction is expected to allow United Oil to expand its portfolio of oil and gas assets.

Royal Boskalis Westminster N.V. (Boskalis) has completed the acquisition of Harkand Group’s diving support vessel (DSV), Atlantis, for $60m.

The company has also signed a three-year bareboat charter for its sister vessel Da Vinci, and also holds the right of first refusal in the event of a sale.

The transaction is intended to enhance Boskalis’ subsea service offerings.

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