Welligence UK M&A | Sunset on Suncor’s North Sea business as Equinor swoops

March 3, 2023

On 3rd March Equinor announced the acquisition of Suncor Energy UK Ltd for US$850 million, bringing interests of 40% in the West of Shetlands Rosebank development and 29.89% in the North Sea Buzzard field. The consideration includes a trigger payment of US$250 million, contingent on a final investment decision (FID) at Rosebank. The deal is expected to close in mid-2023.