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Ithaca revises down debt fundraiser for Chevron North Sea acquisition

Beatrice Bravo - one of Ithaca's North Sea assets. Photo by Ithaca Energy
Beatrice Bravo - one of Ithaca's North Sea assets. Photo by Ithaca Energy

Ithaca Energy has revised down the level of debt it will take on to help pay for its £1.6bn acquisition of Chevron’s North Sea business.

The firm, owned by Israel’s Delek Group, said last week it would launch a £558million debt finance offering to help realise the deal.

However the firm today said it has closed a deal to raise £400m, which is expected to be completed on August 1.

The amount is due by 2024, with interest payable semi-annually.

The firm revealed in May it would snap up US oil giant Chevron’s central North Sea business in a £1.6 billion deal.

The deal hands Ithaca stakes in 10 producing North Sea fields and continues the trend of North American majors selling large packages of UK assets.

Ithaca, a subsidiary of Israel-based Delek Group, said the Chevron deal established it as the “second largest independent oil and gas producer” in the UK North Sea.

The firm will operate four of the 10 fields it is buying into – namely Alba, Alder, Captain and Erskine.

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