Cairn sells 10% Catcher stake for $182m
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.
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Hide AdChief 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.”