North Sea oil firm RockRose to swallow Marathon Oil’s UK business

RockRose Energy is to swallow Marathon Oil’s UK business in a move that will double its production and reserves.

Oil rigs in the Cromarty Firth (stock image). (Photo by Jeff J Mitchell/Getty Images)

The firm will pay some $140 million (£107m) for the assets, which RockRose anticipates will be funded through existing resources and facilities.

The assets and teams in Aberdeen, Peterhead and offshore in the North Sea will transfer to RockRose on completion of the acquisition.

RockRose executive chairman Andrew Austin said: “This acquisition marks a major step change in the group’s reserves and production profile. Given the quality of these assets the board’s view is, this is a good opportunity to make the transition to the role of operator.”