Cairn to sell its Norway assets to Solveig Gas

摘要

UK-BASED Cairn Energy is offloading its assets off Norway after a pair of drilling disappointments, with buyer Solveig Gas set to boost its upstream position through the $100 million deal. Solveig, backed by Norwegian private equity fund Hitec Vision, will get its hands on Cairn subsidiary Capricorn's key country asset, a 10% non-operated stake in Win-tershall Dea's Nova field development in the North Sea, as well as a number of exploration licences. The sale by Cairn, set to be completed in early 2020 subject to regulatory and other customary approvals, follows an abortive drilling campaign by the subsidi-ary with its first two operated wildcats off Norway that came up dry at the Lynghaug and Godalen prospects in the Norwegian Sea.