NEWS

Offshore Oil Rig

WFW advise OMV on Rosebank Field divestment

10 October 2016

International law firm Watson Farley & Williams (“WFW”) has advised OMV AG (”OMV”) and OMV (U.K.) Limited (“OMV UK”), a subsidiary of OMV, on achieving completion of the divestment of a thirty per cent (30%) interest in the Rosebank Field and related Licences (the “Assets”) to Suncor Energy UK Limited for a consideration, subject to adjustments, of up to US$215m (US$50m at completion and up to US$165m upon the final investment decision on the development of the Rosebank Field). OMV UK has retained a twenty percent (20%) interest in the Assets.

Vienna-headquartered OMV is an integrated oil and gas company active in both the upstream and downstream sectors worldwide, and one of largest listed industrial companies in Austria.

The OMV legal team was led by Michael Riegler (Senior Legal Counsel, M&A Legal, OMV), supported by Michelle Yardley (Senior Legal Counsel, OMV UK).

The WFW team was led by London oil & gas Partner John Conlin, assisted by Senior Associate Rod Chooramun and Associate Jessica Lever. Tax Partner Tom Jarvis advised on tax matters.

John comments: “We are delighted to have had the opportunity to continue our relationship with long-standing client, OMV, by assisting it, and its subsidiary, OMV UK, on the completion of this important strategic transaction for both OMV and the Rosebank Field”.