Harbour Energy said Monday that it agreed to acquire Covington, La.-based LLOG Exploration Co. for $3.2 billion, including $2.7 billion cash and $500 million of common stock, giving the U.K. oil company its first deepwater presence in the U.S.
Bracewell advised Harbour with a team led by partners Darren Spalding in London, James McAnelly and John Stavinoha in Houston, and Jason Hutt in Washington.
Harbour Energy CEO Linda Cook said the deal positions the company “as a leading player in a region with well-established infrastructure, a supportive fiscal and regulatory environment and opportunities for additional growth.”
“The oil-weighted, deepwater LLOG portfolio enhances our production profile, provides significant operational control, extends reserve life and improves our margins,” Cook said.
Harbour has grown steadily through acquisitions since its founding in 2014 as a North Sea producer. The company purchased $3 billion worth of assets from Shell in 2017 and also bought its way into the oil and gas markets in Norway, Argentina and Mexico.
Bracewell associates in the Houston office who worked on the deal included Shannon McKay, Will Kamensky, Caroline Rao, Avery Steen, Kennedy Williams and Will Bledsoe. Taylor Stuart advised from Washington, D.C. Bracewell’s Lori Horvilleur worked as the landman on the transaction from Houston, and Mel Glina was the real estate project manager.
Founded in 1977, LLOG Exploration received a $1.2 billion investment from Blackstone Group in November 2012 that enhanced its deepwater exploration and production capabilities.