Energy sector expertise secures another major deal for Womble Bond Dickinson’s Bristol office

January 10, 2019
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International law firm Womble Bond Dickinson’s Bristol office has led on another major deal in the oil and gas industry as it continues to strengthen its position as a lead player for energy sector transactions.

A multidisciplinary team from the firm headed by Bristol-based corporate partner Simon Hewes advised Third Energy Holdings, a specialist in the production and exploration of gas reserves, on the divestment of the entire issued share capital of its offshore business. 

The sale, to Anglo-Dutch oil company Hague and London Oil (HALO), has resulted in the transfer of London-based Third Energy Offshore’s stakes in oil fields in the North Sea, where it has interests in the UK Continental Shelf, including a 45% interest in the Greater Pegasus Area operated by Spirit Energy, and onshore in Yorkshire.

The deal, which completed on December 28, needed regulatory confirmation from the OGA (Oil and Gas Authority) and also involved HALO issuing new shares equivalent to 19.25% of its enlarged issued share capital to Third Energy Holdings as consideration under the transaction.

Womble Bond Dickinson (WBD) drew on its substantial experience of advising on merger and acquisition (M&A) transactions in the energy sector to work on the deal.

Simon Hewes, pictured, worked closely with the firm’s head of oil and gas Paul Stockley. Core members of the team were oil and gas solicitor Richard Forgan, corporate solicitor Joanna Norris, tax managing associate Ronan Lowney and banking managing associate Tom Caplen.

Simon Hewes said: “We’re delighted to have advised Third Energy Holdings on this high-profile transaction. Our understanding of the energy sector, as well as our strong ability to provide multidisciplinary legal advice, meant we were able to provide the best possible outcome for the client.”

Third Energy Holdings CEO Rasik Valand added: “We’re very grateful for the work put in by the whole team at WBD, whose experience and first-rate legal advice has played an important role in helping us achieve a successful transaction.”

WBD has eight offices across the UK – the second largest of which is Bristol – and 18 in the US. Its energy client portfolio includes Chrysaor, Petrofac, Vitol and Centrica.

In November the Bristol office advised energy group OVO, also based in the city, on the acquisition of Scottish rival Spark Energy’s operating company, including its extensive customer base.

 

 

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