10 August 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 the divestment of a thirty per cent (30%) interest in UKCS Petroleum Production Licences Nos. P.1026 (Blocks 213/26b and 213/27a), P.1191 (Block 205/1a) and P.1272 (Block 205/2a) (including the applicable interests in the Rosebank Field) (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) (the “Transaction”). On completion of the Transaction, OMV UK will retain a twenty percent (20%) interest in the Assets. The Transaction is subject to customary regulatory approval.
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 AG), supported by Michelle Yardley (Senior Legal Counsel, OMV (U.K.) Limited).
The WFW team was led by London Oil & Gas Partner John Conlin, assisted by Rod Chooramun (senior associate), Jessica Lever (associate), and Andrea Bhamber (trainee). Tax Partner, Tom Jarvis, advised on the drafting of certain tax provisions of the sale and purchase agreement.
John Conlin comments: “We are delighted to have had the opportunity to continue our relationship with long-standing client, OMV, by advising it, and its subsidiary, OMV UK, on this important strategic transaction for both OMV and the Rosebank Field”.