OKEA expects significant operational synergies and positive cash flow effects following reorganisation of operations at the Yme field
Friday 28 May 2021
Repsol Norge AS (“Repsol”), as operator of the Yme licence, has on behalf of the license entered into agreements to take over day-to-day operations of the jack-up rig Mærsk Inspirer from Maersk Drilling (“MD”). According to the agreements, MD will sell Mærsk Inspirer to Havila Sirius AS (“Havila”) and the Yme licensees will lease the rig from Havila under a bareboat charter whereby the Yme licence will take ownership of the rig at the end of the lease period. The reorganisation of operations is expected to enable operational synergies and significant positive cash flow effects for the Yme licence partners.
‘As partner in the Yme licence, OKEA expects that the transaction will realize significant operational synergies as well as positive effects on corporate cash flow’, says Knut Gjertsen, SVP Projects and Technology in OKEA. ‘We look forward to getting Yme in production in the second half of this year and believe that this structure will support an efficient start-up of the production from the field’.
The transaction is subject to certain conditions being satisfied, including relevant authorities’ approval.