UK M&A | Ithaca goes all in on Cambo via Shell acquisition

September 14, 2023

On 12 September 2023, Ithaca Energy announced it had acquired Shell’s 30% in the West of Shetland (WoS) Cambo development for US$77.85 million. The deal is the culmination of a sales process which began in May whereby Shell marketed its interest in the field but agreed that if any (or all) of its equity remained unsold, Ithaca would have the option to purchase it after a six-month period. This marks Shells’ exit from the project and brings Ithaca’s equity to 100%.