Harbour Energy to purchase Waldorf subsidiaries for $170 million

Harbour Energy has entered into an agreement to acquire nearly all subsidiaries of Waldorf Energy Partners and Waldorf Production, both of which are currently under administration, for a total of $170 million (127.1 million).

As part of the deal, Harbour will increase its ownership in the Catcher oilfield from 50% to 90%. The Catcher field, a conventional oil project located in shallow waters off the UK, was previously operated in partnership with Premier Oil UK (Harbour Energy) holding 50%, Waldorf CNS, and Waldorf Production UK holding 40%, and ONE-Dyas E&P with 10%.

Harbour will also acquire a 29.5% non-operated interest in the Kraken oilfield in the northern North Sea, further establishing a new production base for the company in the region. The company plans to fund the transaction using its existing liquidity, anticipating an increase in free cash flow and a strengthened presence in the UK market.

The acquisition is expected to add approximately 20,000 barrels of oil equivalent per day (boepd) in oil-weighted production, as well as 2P (proved and probable) reserves totaling 35 million barrels of oil equivalent per day (mboe/d).

Scott Barr, Managing Director of Harbours UK Business Unit, commented: This deal represents a crucial step for Harbour in the UK North Sea, reinforcing our efforts to maintain a strong position in the basin amidst ongoing fiscal and regulatory challenges. It stabilizes the Catcher joint venture and brings immediate cash flow benefits. Additionally, it strengthens the long-term sustainability of our UK operations, the jobs it supports, and the energy security it ensures.

This acquisition also provides a favorable solution for funding and decommissioning challenges faced by several parties in the UK North Sea, Barr added.

Harbour plans to integrate Waldorfs non-operated assets into its UK operations to optimize efficiency. The acquisition is expected to generate financial synergies by releasing around $350 million in cash currently allocated to securing Waldorfs decommissioning liabilities. Harbours investment-grade balance sheet will help unlock these funds, in addition to leveraging Waldorfs UK 'ring fence' tax losses.

As of June 30, 2025, Waldorfs decommissioning provisions stood at $720 million (pre-tax). As of the end of 2024, the estimated total ring fence tax losses for Waldorf include approximately $2.45 billion in corporation tax, $1.8 billion in supplementary charges, and $60 million related to the energy profits levy.

The deal is expected to be completed in the second quarter of 2026, pending regulatory approval and resolution of creditors' claims related to Waldorfs subsidiaries.

In recent news, Harbour Energy also finalized the sale of its operated interests in the Natuna Sea Block A field and the Tuna development project in Indonesia to Prime Group for a total of $215 million in cash.

Sources:

• Harbour Energy to acquire Waldorf subsidiaries for $170m