UK oil and gas producer Harbour Energy announced it has reached an agreement to acquire all subsidiaries of Waldorf Energy Partners and Waldorf Production in the United Kingdom for $170mn. The transaction includes stakes in several North Sea oil fields and is expected to be completed in the second quarter of 2026.
Expanded stake in Catcher and Kraken fields
Through this acquisition, Harbour Energy will raise its operated interest in the Catcher oil field to 90 %, up from a lower existing stake. The deal also includes a 29.5 % non-operated interest in the Kraken oil field, operated by another company. Both fields are located in the central North Sea, a key area for UK hydrocarbon production.
The targeted assets belong to subsidiaries of Waldorf Energy Partners currently under administration following financial difficulties in 2024. London-listed Harbour Energy saw its shares rise by 5.8 % at market open after the announcement.
Capricorn Energy settles a claim and backs the deal
Capricorn Energy, also a UK-based oil and gas producer, stated it has signed a lock-up agreement supporting the transaction. The company agreed to settle its unsecured claims against Waldorf for an amount between $4mn and $5mn, significantly below the original claim. Capricorn had previously sought to recover contingent payments linked to the sale of its UK North Sea assets to Waldorf in 2023.
Capricorn confirmed it will retain rights to any future recoveries should additional claims arise. Following the announcement, Capricorn Energy’s share price rose by 1.6 % in early trading.
Implications for UK sector consolidation
The transaction strengthens Harbour Energy’s upstream position in the UK at a time when several independent producers are streamlining their portfolios or undergoing restructuring. Waldorf Energy Partners had accumulated significant debt from prior acquisition commitments, leaving creditors such as Capricorn with total unsecured claims of $29.5mn.
This acquisition comes amid continued repositioning among mid-sized players in the Northern European sector, driven by oil price fluctuations and rising profitability demands.
