Total Confirms the Sale of UK Assets to NEO Energy
May 20 2020 - 2:20AM
Dow Jones News
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
Total today confirmed its commitment to completing the sale of
its UK North Sea non-core assets, first announced(1) in July 2019.
Reflecting recent significant market volatility, Total and
Norway-based private equity investor HitecVision have successfully
renegotiated the financial terms of the deal to respond to the
current environment -- while Petrogas is no longer part of the
transaction.
"We have worked closely with HitecVision and its portfolio
company NEO Energy to reconfirm our mutual commitment to completing
the deal. The agreed revisions respond to current market conditions
while retaining the majority of the value of the transaction. The
structure of the consideration and phasing of payments has been
modified, including interest-bearing vendor financing and earnout
arrangements," declared Jean-Pierre Sbraire, Chief Financial
Officer at Total. "We look forward to progressing swiftly to
completion and for NEO Energy to take over operations. We are
confident that this sale is the right thing for both parties and
for the business and its employees."
Total and NEO Energy have developed detailed transition plans to
deliver a smooth handover of operations upon completion, while
allowing NEO to focus on embedding planned operating efficiencies
and growth plans as rapidly as possible.
Subject to regulatory approvals, the parties expect to complete
the transaction by the third quarter 2020.
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner
and accessible to as many people as possible. Active in more than
130 countries, our ambition is to become the responsible energy
major.
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms "Total", "Total Group" and
Group are sometimes used for convenience. Likewise, the words "we",
"us" and "our" may also be used to refer to subsidiaries in general
or to those who work for them. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any
obligation to update publicly any forward-looking information or
statement, objectives or trends contained in this document whether
as a result of new information, future events or otherwise.
(1)
https://www.total.com/media/news/press-releases/total-divests-assets-uk-petrogas
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200519006064/en/
CONTACT: Total
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
SOURCE: TOTAL
Copyright Business Wire 2020
(END) Dow Jones Newswires
May 20, 2020 03:05 ET (07:05 GMT)
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