Fieldwood Energy has completed the acquisition of all of Noble Energy’s deepwater oil and gas assets in the Gulf of Mexico (GoM) for a total consideration of $710m.

The acquisition is part of Fieldwood’s restructuring and recapitalisation plan, which was filed earlier this year.

Last week, the Bankruptcy Court for the Southern District of Texas confirmed the plan and approved the acquisition Noble Energy’s assets.

Through the plan, Fieldwood secured $525m of capital, which was directed towards meeting the acquisition cost and general working capital.

The company also used the plan to reduce its debt by $1.6bn and eliminate $134m in annual cash interest.

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“We are well positioned to capitalise on future opportunities while executing our safe and efficient operations strategy to create long-term value.”

Fieldwood Energy CEO Matt McCarroll said: “This acquisition adds quality producing assets to our existing portfolio, provides us with numerous deepwater drilling opportunities and enhances our position as one of the largest operators in the Gulf of Mexico.

“With a strengthened balance sheet, substantially more cash flow and the new, talented deepwater operating team, we are well positioned to capitalise on future opportunities while executing our safe and efficient operations strategy to create long-term value.”

The agreement for the acquisition was reached in February this year.

Noble divested its GoM assets to focus its efforts on assets in the US onshore and the Eastern Mediterranean.

The transaction comprises interest in six producing fields and all undeveloped leases.

Noble noted that the average net production from the acquired assets is expected to be more than 20,000 barrels of oil equivalent per day for this year.