OMV divests wholly owned subsidiary OMV (U.K.) Limited for up to USD 1 bn
News Release, November 9, 2016 - 7:00 am (CET)
- Sale of 100% interest of OMV (U.K.) Limited to Siccar Point Energy Limited
- Major step of optimizing OMV’s Upstream Portfolio
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 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.
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