ABG Sundal Collier acted as financial advisor to OKEA in connection with the USD 556m acquisition of A/S Norske Shell’s operating interest in the Draugen field and participating interest in the Gjøa field, and the associated fully underwritten senior secured USD 180m bond issue.
The transaction transforms OKEA into a sizeable NCS operator with diversified production and a strong operating organisation, adding net production of approx. 22,000 boepd and net reserves and resources of approx. 41 mmboe.
The acquisition was financed through a USD 180m senior secured bond issue, USD 130m of equity and cash released from escrow from a previous bond issue. Both the bond issue and the new equity was fully underwritten prior to signing of the SPA, a necessity for OKEA to lift its financing condition for the acquisition. The bond issue was underwritten by ABG Sundal Collier.
As part of the overall financing package, OKEA sought certain amendments to the existing OKEA01 loan agreement in order to utilise escrowed capital from the OKEA01 bond.
Following signing of the SPA, the OKEA02 bond issue was launched broadly in the market with a 3 day global roadshow.
The equity was financed through a strategic partnership between Seacrest Capital Group (majority owner of OKEA) and Bangchak Corporation PCL.
About OKEA:
OKEA was founded in 2015 by the management and Seacrest Capital Group and is headquartered in
Trondheim. OKEA specialises in small and mid-sized developments on the NCS and currently holds an
attractive portfolio of development and producing assets with 65 mmboe net 2P reserves and resources.
