Oil and gas explorer Cairn Energy has agreed to sell a 10 per cent stake in the Catcher development in the North Sea for up to $182 million (£111.8m)
The stake in the North Sea project is being bought by Dyas UK and the deal will see Cairn’s interest in the Catcher licence reduced to 20 per cent.
As a result of the deal, Cairn will reduce its capital expenditure to the end of 2017 in the Catcher area by about $380m to $200m.
Chief executive Simon Thomson said: “Cairn remains focused on delivering value for shareholders from disciplined capital allocation and portfolio management across a balanced asset base.
“This value enhancing transaction provides us with significant additional operational flexibility to deliver the Group’s strategy.”