UK-based independent oil and gas company Harbour Energy has closed the acquisition of LLOG Exploration Company (LLOG) from LLOG Holdings, with the deal valued at $3.2bn (£2.34bn).
The transaction was financed through $2.7bn in cash alongside the issuance of 174,855,744 new Harbour voting ordinary shares to LLOG Holdings, collectively worth $500m.
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The cash component was raised through a $1bn bridge facility, a $1bn three-year term loan, and $700m from existing liquidity sources.
This acquisition strengthens Harbour’s strategic footprint in the US Gulf of Mexico, complementing its existing operations in Norway, the UK, Argentina and Mexico.
By acquiring LLOG, Harbour gains a fully managed, oil-focused portfolio in one of the world’s key oil and gas production regions.
LLOG contributes assets with high margins and long lifespans, along with numerous lucrative drilling prospects.
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By GlobalDataIn 2025, LLOG’s production averaged 36,000 barrels of oil equivalent per day (boepd), driven by strong outputs from the Who Dat and Buckskin hubs and the Leon-Castille start-up in October.
Projections indicate an increase to between 65,000 and 70,000boepd by 2028.
Following the transaction, the total number of voting ordinary shares, inclusive of the consideration shares, will amount to 1,579,724,339.
Of these consideration shares, 70% will be under a one-year lock-up period after the deal concludes.
LLOG will possess approximately 11% of Harbour’s voting ordinary shares, while Harbour’s existing shareholders will retain the remaining 89%.
Harbour Energy CEO Linda Z Cook said: “This marks another important step in Harbour’s journey by establishing a leading position in the US Gulf of America.
“We are excited to welcome our new colleagues and look forward to building on their strong heritage and proven exploration and development capabilities in the region.
“With the combined strengths of our teams, the quality of the assets and the depth of opportunities ahead, we are well-placed to deliver significant value for our shareholders.”
In December 2025, Harbour Energy and its partners made a gas and condensate discovery at the Camilla Nord prospect in the Gjoa area offshore Norway.
