Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Siccar Point Energy and its sponsors, Blackstone Energy Partners and Blue Water Energy, on the sale of Siccar Point Energy to Ithaca Energy.

Siccar Point Energy is a full cycle production, development and exploration company focussed on high quality, low cost, long-life assets on the UK Continental Shelf with interests in four of the largest UK assets by remaining reserves.

The consideration consists of an upfront payment of $1.1 billion plus up to $360 million of additional payments contingent on future developments and realised commodity prices.

The transaction remains subject to regulatory approvals and is expected to complete around the end of Q2 2022.

The Freshfields team is being led by partner-elect Alon Gordon and partners James Scott and Graham Watson.

ENDS