Orrick Advises Seacrest in OKEA’s Purchase of Norwegian Oil Field Interests From Shell

December.05.2018

Orrick represented Bermuda-based oil and gas private equity group Seacrest Capital — the majority shareholder in Norwegian E&P company OKEA AS — in OKEA’s $526 million acquisition of Royal Dutch Shell’s interests in the Draugen and Gjøa fields offshore Norway.

As part of the deal, Orrick advised Seacrest on its negotiation of a strategic partnership with Thai oil and gas company Bangchak Corporation, including Bangchak’s $130 million investment in OKEA.

With the deal completion, Shell exits its 44.56% operated interest in the Draugen field and a 12% non-operated interest in the Gjøa field, representing approximately 14% of Shell Norway’s total production in 2017.

The Orrick team was led by partner Peter O’Driscoll and associate Daria von Mensenkampff.