Press Release
02 March 2007
McGrigors close successful North Sea deal for Abu Dhabi State
McGrigors LLP has concluded another successful energy transaction, advising the Abu Dhabi State National Energy Company (also known as Taqa) in its US$550m acquisition of Talisman Energy’s non-operated interests in the Brae assets of the North Sea.
The deal is the first purchase by Taqa of assets in the UK Continental Shelf (UKCS) and marks the start of a concentrated period of acquisition and development as the company looks to grow its international asset portfolio.
This transaction is also the first carried out for Taqa by McGrigors. Clare Munro, McGrigors oil and gas consultant ,who led the team of solicitors from the firm’s Aberdeen office, said: “For McGrigors this deal represents further evidence of our burgeoning reputation on energy and oil and gas projects and our growing expertise in large transactions for international clients.”
McGrigors was heavily involved in co-ordinating the UK aspects of the project as well as advising on the UKCS regulatory regime and market conditions.
McGrigors has over 40 energy lawyers based in the UK and overseas who, in the past year, have been involved in transactions valued in excess of US$5 billion.
The energy team has extensive experience of working with a range of organisations, from upstream oil and gas to downstream, utilities, renewables and provides the project life-cycle of services including; corporate finance; employment; health & safety; tax; competition and human rights.
In November 2006 McGrigors oil and gas advised Intergen in its purchase of the total output of a 400 megawatt power station being built in The Netherlands.For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com