Suncor Energy selling North Sea offshore assets in deal valued at $1.2B

Suncor Power Inc. has signed an settlement to promote its offshore belongings within the North Sea to Equinor UK Ltd. to be offered in a deal value about $1.2 billion.

Suncor interim CEO Kris Smith says the choice to promote the UK exploration and manufacturing enterprise is an instance of the corporate’s dedication to optimizing its asset portfolio.

The deal consists of Suncor’s non-operating 29.9 % curiosity within the Buzzard subject and its 40 % curiosity within the Rosebank growth.

READ MORE: Suncor proclaims vitality business veteran Wealthy Kruger as new CEO

Equinor is the operator of the Rosebank venture, which is positioned about 130 kilometers north-west of the Shetland Islands.

The deal consists of $338 million in contingent consideration topic to the submission of the Rosebank growth software to the regulator.

The deal is predicted to shut in the midst of this yr.

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Suncor Power says it should lower 10 to fifteen % of its workforce over the following 18 months