Premier Oil today confirmed it had finalised the sale of its Norwegian business.
Det norske oljeselskap ASA snapped up Premier Oil Norge for $120milllion.
The firm will use the funds to chip away at its debt.
Faltering oil prices has forced the firm to cut its spending by 25% this year.
A Premier spokesperson said: “As a result net debt is expected to be just under $2.3 billion at year end.
“Premier continues to enjoy significant liquidity with $1.2billion of cash and undrawn credit facilities and covenant headroom is expected to be in excess of $800million at the year end.”