North Sea oil and gas firm Tailwind Energy has completed its acquisition of Decipher Energy, of Aberdeen.
London-headquartered Tailwind Energy said it was looking forward to “unlocking the potential” of its newly-acquired assets.
Decipher Energy’s revenues comes from the Orlando field, which produced first oil in March 2019.
It was developed as a tieback to CNR International’s Ninian Central platform.
Decipher took control of the project after striking a deal with the administrators of Iona Energy in 2017.
It is understood Tailwind will keep alive Decipher’s plan to replace electrical submersible pump systems on Orlando in an effort to boost production from the field, which hadn’t been living up to expectations.
Decipher’s other assets include the Senna and Mansell fields, thought to boast recoverable resources of 30-66m and 4-7m barrels.
Bosses at Decipher were considering a joint-development for Senna and Mansell.
Steve Bowyer, a former boss of now-defunct Aberdeen firm First Oil, will leave Decipher, which he founded in 2016.
But three of Decipher’s four employees in the Granite City will be kept on by Tailwind.
Tailwind was founded in 2016 by a management team boasting more than 200 years of experience in investment and exploration and production.
Backed by private commodities and energy group Mercuria, the company has been steadily expanding its UK North Sea portfolio in recent years.
Tailwind bought Shell and ExxonMobil’s stakes in the Triton cluster in September 2018.
It followed that deal up by swooping for the UK business of Houston-headquartered oil and gas firm EOG Resources later that year.
And last month Tailwind clinched a deal to buy BP’s non-operated stakes in the Shearwater field, operated by Shell.