Harbour Energy has signed an agreement to acquire substantially all subsidiaries of Waldorf Energy Partners and Waldorf Production, both currently in administration, for $170m (£127.1m).
Under the agreement, Harbour will increase its stake in the operated Catcher field from 50% to 90%.
Catcher is a conventional oilfield located in shallow water in the UK.
The partnership in this field was earlier made up of Premier Oil UK (Harbour Energy) (50%), Waldorf CNS, Waldorf Production UK (40%) and ONE-Dyas E&P (10%).
Harbour will also obtain a 29.5% non-operated interest in the Kraken oilfield in the northern North Sea, creating a new production base for the company in the region.
The company intends to use its existing liquidity to fund the transaction, which is expected to increase its free cash flow and strengthen its UK operations.
This transaction will add oil-weighted production of 20,000 barrels of oil equivalent per day (boepd) and 2P (proved and probable) reserves of 35 million barrels of oil equivalent per day (mboe/d).
Harbour UK Business Unit managing director Scott Barr said: “This transaction is an important step for Harbour in the UK North Sea, building on the action we have already taken to sustain our position in the basin, given the ongoing fiscal and regulatory challenges.
“It stabilises the Catcher joint venture partnership and delivers immediate cash flow benefits. It also improves the long-term sustainability of our UK business, the jobs it continues to support and the energy security it provides.
“In addition, it facilitates a welcome solution to funding and decommissioning challenges for multiple parties in the UK North Sea.”
Harbour plans to integrate Waldorf’s non-operated assets into its UK organisation to generate operational efficiencies.
The company expects the acquisition to deliver financial synergies via the release of an estimated $350m in cash presently deployed to secure Waldorf’s decommissioning liabilities, leveraging the investment grade balance sheet of Harbour, as well as via the addition of Waldorf’s UK 'ring fence' tax losses.
As of 30 June 2025, Waldorf’s decommissioning provisions as per its balance sheet stood at $720m (pre-tax).
As at year-end 2024, Waldorf’s estimated total ring fence tax losses included those relating to corporation tax of around $2.45bn, a supplementary charge of around $1.8bn and an energy profits levy of around $60m.
This acquisition is expected to close in the second quarter of 2026, subject to regulatory approvals and the resolution of all creditors’ claims against Waldorf’s subsidiaries.
Recently, Harbour Energy agreed to divest its operated interests in the Natuna Sea Block A field and the Tuna development project in Indonesia to Prime Group for a total of $215m in cash.
