Aberdeen oil firm Fairfield Energy said yesterday it was in talks with a potential new investor which could add to the £354million it had already raised.
Fairfield, established six years ago, also revealed it hoped to secure more than £95million from its current investors early next year to fund development plans in the UK continental shelf.
The current talks – said to be at an advanced stage – are with a private-equity firm interested in establishing a presence in North Sea production and exploration.
Fairfield chief financial officer Iain Macdonald said: “We and our investors are excited about the continuing and developing role of Fairfield in North Sea production and exploration. The company has a strong portfolio of assets and will be looking to expand further on that with our investors’ backing.”
Mr Macdonald also said fresh funding would be transformational in helping the company to grow.
Fairfield withdrew an initial public offering last year after plans to raise up to £340million from a flotation were hampered by the uncertain global economy, but the firm said yesterday it could try to float again in 2014.
Chief executive Chris Wright said the company should be ready to go back to the market by then, adding: “We will have a track record of accomplishment plus a great growth story.”
The firm’s main producing asset is Dunlin and it has invested £200million in the 33-year-old installation since buying it from Shell in 2008.
Fairfield has since increased production from 3,000 barrels of oil per day to a potential 10,000, which it hopes to reach in the first half of next year.