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Endeavour International to sell off North Sea assets

June 1, 2015
News
Endeavour International has launched its marketing process in the UK for the sale all of its North Sea oil and gas assets.
 
The company said it will consider a full range of options in order to “unlock the underlying value” of its assets, which include interests in five fields in the North Sea.
 
A spokesman said Endeavour believes the sale of all its North Seas assets would provide the “best means to preserve and protect” the value its other assets.
 
The company previously announced the sale of its US assets, including bid procedures and notice of an auction in a motion filed at the United States Bankruptcy Court for the District of Delaware in April.
 
Endeavour owns interests in five producing oil and gas fields in the UKCS – Alba, Bacchus, Rochelle, Bittern and Enoch.
 
Last year the company filed for bankruptcy as part of a debt-for-equity swap with bondholders.
 
The company was looking to cut debt of around $568million.
 
By Niamh Burns
 
Source: Energy Voice

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