British oil and gas company Harbour Energy Plc intends to complete the acquisition of Waldorf Production UK after the approval of the deal by the regulator. This is reported in a press release from Harbour.
The agreement to acquire Waldorf provided for the restructuring of Waldorf's debt, including the repayment of most of the debt in the amount of 70 million pounds ($94.8 million) to the British Tax and Customs Service (HMRC), which was the only creditor that did not agree with the Harbor Energy proposal.
In 2025, Harbor Energy entered into an agreement to acquire subsidiaries Waldorf Energy Partners Ltd. and Waldorf Production Ltd. for $170 million. As part of the deal, Harbour will be able to increase its share in the Catcher field in the North Sea to 90% from 50% and oil production by 20,000 barrels of oil equivalent per day.
The deal will significantly increase Harbour's free cash flow and support the sustainability and competitiveness of the company's UK business through the acquisition of a 29.5% unused stake in the Kraken oil field to create a new production base in the northern part of the North Sea.
The subsidiaries are currently in the process of bankruptcy. The funds received will allow Waldorf to free up funds for decommissioning enterprises, taking into account debt restructuring. Harbour Energy accounts for 15% of the total oil and gas production in the UK (156 thousand barrels of oil equivalent per day).
Many oil and gas companies, which are facing a decline in production at mature fields in the British sector of the North Sea, are reviewing their strategy after extending and increasing the tax on unforeseen expenses in the UK, the report says.
Harbour Energy is a British oil and gas exploration, development and production company in the British sector of the North Sea, Norway, Germany, Argentina, Mexico, North Africa and Southeast Asia. The company was founded in 2014 as a joint venture between commodity trader Noble Group and investment company EIG Global Energy Partners. The headquarters is located in London (England).
Waldorf Energy Partners Limited is a British company operating facilities in oil and gas fields. The headquarters is located in Manchester (UK).
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