Business
Sale of 15% of Bressay and EnQuest Producer FPSO
Sale of 15% of Bressay and EnQuest Producer FPSO.
About this update from Enquest Plc
[{"type":"text","content":"\n\n\n \n \n \nEnQuest PLC, 22 December 2023\n \nSale of 15% interest in Bressay and EnQuest Producer FPSO\n \nEnQuest PLC ('together with its subsidiaries, 'EnQuest'), an independent energy company with operations in the UK North Sea and Malaysia, is pleased to announce that it has today reached agreement with Viaro Energy's subsidiary, RockRose UKCS 10 Ltd ('RockRose'), to sell a 15% working interest in each of the Bressay field and the EnQuest Producer floating production, storage and offloading vessel ('FPSO'), both located in the UK North Sea.\nUnder the terms of the agreement, total consideration in respect of the Bressay field and FPSO is £46.0 million and will involve an initial payment by RockRose to EnQuest of £34.75 million, which will be used for general corporate purposes, with the remaining £11.25 million to be paid from future Bressay cash flows. RockRose will pay its equity share of capital expenditure associated with the Bressay development, pursuant to an agreed schedule and approvals.\nSteve Bowyer, GM North Sea for EnQuest said, \"We continue to progress the development of the wider Kraken area, including a Bressay gas tie-back solution to reduce Kraken emissions, as well as an early production solution project at Bressay. We look forward to working with Rockrose, Waldorf (our Kraken JV partner) and the NSTA to move the project forward.\"\nEnds\nFor further information please contact:\nEnQuest PLC Tel: +44 (0)20 7925 4900\nAmjad Bseisu (Chief Executive Officer) \nSalman Malik (Chief Financial Officer) \nCraig Baxter (Head of Investor Relations) \n \nTeneo &...