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  • OMV divests wholly owned subsidiary OMV (U.K.) Limited for up to USD 1 bn
    édité le 09/11/2016 - Plus de news de "OMV" - Voir la fiche entreprise de "OMV"


OMV divests wholly owned subsidiary OMV (U.K.) Limited for up to USD 1 bn
OMV, the international integrated oil and gas company based in Vienna, has agreed to sell 100% of the shares in its wholly owned subsidiary OMV (U.K.) Limited to Siccar Point Energy Limited, Aberdeen.

The overall transaction value is envisaged to amount to up to USD 1 bn. It consists of a firm payment of USD 750 mn and a contingent payment related to the Rosebank Final Investment Decision in the amount of up to USD 125 mn. On top, the parties agreed on a purchase price adjustment with respect to CAPEX to the effective date of January 1, 2016. This results in a further consideration in the amount of approximately USD 125 mn.

OMV UK has interests in 22 licenses at various stages of production, development, appraisal and exploration. The portfolio includes: the Jade field (OMV share 5.6%) which is currently producing in the UK Central North Sea. The Schiehallion redevelopment (OMV share 11.8%) operated by BP and located West of the Shetland Islands is scheduled to start production in 2017. In Rosebank OMV holds a 20% share after the divestment of 30% to Suncor Energy in October 2016. Further projects – Cambo, Tornado and Suilven in the region West of Shetlands and Jackdaw in Central North Sea – are also part of the divested OMV portfolio in the UK.

Rainer Seele, OMV Chief Executive Officer: “We continue to deliver on our strategic targets. The sale of our UK Upstream operations is a major contribution to rebalance and optimize the OMV Upstream portfolio.”

Johann Pleininger, OMV Executive Board member responsible for Upstream: “In line with our strategy we will reduce investment requirements in deep water offshore projects which give OMV the scope to strengthen its focus on low cost regions.”

In connection with the transaction, OMV recorded an impairment of EUR 458 mn in Q3/16. At closing, this will be partly offset by FX gains of approximately EUR 100 mn related to the currency translation of the USD subsidiary OMV UK. The FX gains will be realized in the income statement. Overall, the transaction will have a negative effect on OMV's Group EBIT according to IFRS of approximately EUR 350 mn at current exchange rates.

The transaction is subject to conditions, including regulatory approval and is anticipated to close in the first quarter of 2017.

About OMV in the UK

OMV (U.K.) Limited, a 100% subsidiary of OMV Aktiengesellschaft located in London, has been active in the United Kingdom for over 20 years. OMV UK holds a considerable portfolio of licenses in the British North Sea and in the area west of the Shetland Islands. The company has been an operator there since 2004.

About OMV Aktiengesellschaft

With Group sales of EUR 23 bn and a workforce of around 24,100 employees in 2015, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV focuses on three core regions – CEE (Romania, Austria), North Sea as well as Middle East and Africa – and selected development areas. 2015 daily production stood at approximately 303 kboe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries as of end of 2015. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2015, gas sales volumes amounted to 110 TWh.


Origine : Communiqué OMV

Voir la fiche entreprise de "OMV"



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