OKEA’s $526 Acquisition of Norwegian Oil Field Interests From Shell

Orrick represented Bermuda-based oil and gas private equity group Seacrest Capital — the majority shareholder in Norwegian E&P company OKEA AS on the deal

OKEA AS, the oil and gas production and development company focused on the Norwegian Continental Shelf (“OKEA”), has completed the acquisition of a package of A/S Norske Shell’s interests on the NCS, as announced in June 2018. The acquisition includes a 44.56% share of the Draugen field (PL093), a 12.0% share of the Gjøa field (PL153) and the office building “Råket” in Kristiansund.

OKEA will assume operatorship of the Draugen field effective from 30 November 2018. As part of this transaction, 153 employees will transfer from Shell to OKEA.

As part of the deal, Orrick advised Seacrest on its negotiation of a strategic partnership with Thai oil and gas company Bangchak Corporation, including Bangchak’s $130 million investment in OKEA.

The Orrick team was led by partner Peter O’Driscoll (Picture) and associate Daria von Mensenkampff.

Involved fees earner: Peter O’Driscoll – Orrick; Daria von Mensenkampff – Orrick;

Law Firms: Orrick;

Clients: Seacrest Capital;