Cairn sells 10% Catcher stake for $182m

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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.”

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