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Cairn Energy 'tidies up' as it regains sole control of its exploration arm
CAIRN Energy has taken back sole control of its exploration business Capricorn, converting the stake held by a Dutch firm into shares in the parent group.
Dyas, the oil and gas unit of Dutch conglomerate SHV, bought a 10 per cent stake in Capricorn in 2007 for $90 million (54.9m), at a time when Edinburgh-based Cairn was hinting that it might float its exploration unit. However, since acquiring a major exploration position in Greenland, Cairn has shelved plans for the demerger of Capricorn.
Yesterday, it announced Dyas's stake in Capricorn would be redeemed for cash and shares in Cairn, worth $95m, as well as a small interest in Cairn's exploration blocks in Tunisia and Albania.
Analysts at Royal Bank of Scotland said the move would marginally increase Cairn's net asset value, as well as tidying up its corporate structure, while Dyas now had a more marketable investment.
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