Petrofac and Lundin Launch New North Sea Upstream Play

摘要

UK-listed oil service player Petrofac and Swedish-listed independent Lundin Petroleum are demerging their respective UK North Sea assets into a new quoted company, EnQuest. Shares will initially be distributed between the two companies' investors and are expected to be valued in total at around $1 billion on EnQuest's early- April listing in London, with a secondary quote in Stockholm. Brokers reckon this target capitalization is relatively modest - one London-based analyst says it is a "low-to-middling" valuation, and an Oslobased peer sees anything up to $1.15 billion as reasonable.