North Sea oil firm Ithaca Energy has signed a “letter of intent” with an unspecified global investment firm to create a new infrastructure company, parent company Delek said this morning.
The infrastructure company would be held 40% by Ithaca and 60% by the buyer, according to Delek, headquartered in Israel.
As part of the agreement, which is non-binding at this stage, the new company would buy part of Ithaca’s portfolio of production facilities.
The package includes the FPF-1 floating production vessel on the Stella field and the floating production, storage and offloading vessel which serves the Captain field.
Delek said: “The transaction will be carried out based at an estimated value of the acquired facilities between $875 million and an estimated $1.05 billion, depending on the de facto daily production and total actual reserves of the relevant areas.”
The letter of intent stipulates that the infrastructure company will be able to make decisions on “material matters, budgetary issues, expenses, distributions and financial matters”.
Ithaca, based in Aberdeen, has been contacted for comment.