Ithaca Energy Buys North Sea Rival Siccar Point Ahead of IPO

Siccar Point’s owners have attempted to sell the company several times in recent years with no success, sources have told Reuters.

Ron Bousso and Ari Rabinovitch, Reuters

Israeli energy conglomerate Delek Group said on April 7 its North Sea subsidiary Ithaca has acquired private equity-backed Siccar Point Energy for $1.1 billion.

The acquisition, Delek said, was part of the plan for Ithaca’s IPO later this year, with the aim of increasing Ithaca’s daily production and guaranteeing its long-term reserves.

The deal will seal Ithaca’s position as a major North Sea producer, boosting its output by 8,000 to 9,500 boe/d to a range of about 75,000 to 85,000 boe/d.

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