RockRose Energy take over Marathon Oil’s UK business

RockRose executive chairman Andrew Austin says the deal marked an important milestone
RockRose executive chairman Andrew Austin says the deal marked an important milestone

RockRose Energy has completed its acquisition of Marathon Oil’s UK business.

The London-headquartered firm first struck the deal in February to take over Marathon’s North Sea operations, including decommissioning liabilities.

RockRose has paid £75.1 million for the assets including a 40% operated stake in the Greater Brae Area, as well as a 28% interest in BP’s Foinaven development west of Shetland and its satellite fields.

It also includes interests in the SAGE, Brae-Forties and WOSPS pipeline systems.

Staff from Marathon Oil in Aberdeen, Peterhead and offshore have transferred to RockRose, which is understood to number around 250.

Read the full story on Energy Voice. 

Breaking