UK's Cairn Energy to sell interests in North Sea oil fields

  • Reuters
  • Commodities News
UK's Cairn Energy to sell interests in North Sea oil fields
Credit: © Reuters.

March 9 (Reuters) - Cairn Energy CNE.L has agreed to sell its interests in the UK Catcher and Kraken oil fields in the North Sea to Waldorf Production Ltd for $460 million in cash, the company said on Tuesday.

Cairn said both oil fields are now entering into a natural decline phase and the sale will help it bolster its balance sheet and provide flexibility to sustain and prolong the producing asset base.

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