North Sea oil producers Oranje-Nassau Energie (ONE) and Dyas have agreed a merger deal.
The Netherlands-based firms have interests in a range of UK assets between them, including the largest producing field in the North Sea, Nexen’s Buzzard development.
In a statement, the companies confirmed the new entity will be named ONE-Dyas, aimed at being a “prominent North Sea focused independent operator”.
The merger is expected to take place in the first half of 2019, with ONH – ONE’s parent company – owning 51% of shares.
The board will consist of CEO Robert Baurdoux, executive director Alexander Berger and CFO Chris de Ruyter van Steveninck, who currently holds the same position with ONE.
Robert Baurdoux, current Dyas CEO:“I’m really looking forward to bringing together these two exceptional teams and taking our combined history and performance to the next level.
“This new entity has a lot of potential for further growth and will claim a prominent position as an independent operator.”
As well as Buzzard, Dyas’ other notable assets include stakes in Premier’s Catcher Area, the Equinor-operated Mariner development and Ithaca’s Stella Area.
ONE UK, which has an office in Westhill, entered the UK North Sea in June 2015 when it announced the purchase of 50% of the Sean field from Shell and Esso Exploration and Production UK, which each held 25%.
The remaining 50% of Sean is held by SSE E&P UK.
Alexander Berger, current ONE CEO:“I am very pleased with the merger of ONE’s portfolio and team, with the high-quality portfolio and skills of the Dyas team. I am also excited about the growth potential of our combined asset base and believe that with the expertise and dedication of our people, we can contribute to meeting the local energy needs.”
ONE also has interests in Breagh, Buzzard, Golden Eagle Area Development and Cladhan.
The firm’s UK subsidiary posted pre-tax profits of £5.6m in its 2017 annual accounts, down from £9.4m the previous year.
Dyas UK posted a pre-tax profit of £33.9m for last year, up from a loss of £4.1m in 2016.