Oct 6, 2020

City Bulletin: Premier Oil strikes takeover deal with North Sea rival Chrysaor

The company has announced plans to merge with North Sea rival Chrysaor, the private equity-backed UK oil company. The deal eliminates Premier's massive $2.7bn debt pile, with Chrysaor paying off some creditors and doing a debt-for-equity swap for the rest. That means Premier shareholders will be left with just 5.5 per cent of the equity in the combined company after the deal completes. The consolidation between two of the North Sea's largest producers provides a way out for Premier, which has spent most of the year embroiled in a debt dispute with its largest creditor after announcing plans - since scaled back - to spend $871m on asset acquisitions. The top jobs in the new group will be held by executives from Chrysaor and its parent Harbour Energy.

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