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Fieldwood Energy Closes Acquisition of Noble Energy´s Deepwater Assets
Monday 16 April 2018

16 April 2018 - US-based Fieldwood Energy LLC has closed its acquisition of all of Noble Energy, Inc.'s (NYSE: NBL) deepwater oil and gas assets located in the Gulf of Mexico, the company said.

The acquisition was a key component of Fieldwood's restructuring and recapitalisation plan, which was confirmed last week by the Bankruptcy Court for the Southern District of Texas.

Through the prepackaged plan, Fieldwood raised USD 525m of capital which was used to fund the acquisition and provide general working capital, while reducing its debt levels by USD 1.6bn and eliminating USD 134m in annual cash interest.

The entire restructuring and recapitalisation process was remarkable in that it included a major acquisition, received a 100% vote of approval from lenders and attracted 100% participation in the equity rights offering.

Based in Houston, Fieldwood Energy LLC is one of the largest oil and gas operators in the Gulf of Mexico. Fieldwood is privately held and is founded on an unwavering commitment to safety and operational excellence.
 
Weil, Gotshal and Manges LLP served as Fieldwood's legal counsel, along with Evercore Group LLC as its financial advisor and Opportune LLP as its restructuring advisor.

Advisors to the first-lien group were O'Melveny and Myers LLP, Houlihan Lokey Capital, Inc., Willkie Farr and Gallagher LLP, and RPA Advisors, LLC.

Davis Polk and Wardwell LLP and PJT Partners LP were advisors to the junior lender group and new equity holders. Riverstone Holdings LLC was advised by Vinson and Elkins LLP and Perella Weinberg Partners.
Details
Date Published: 16/04/2018
Target: Noble Energy/ deepwater oil and gas assets located in the,  Gulf of Mexico
Country: USA
Deal Size: 700m (USD)
Sector: Petroleum/Natural Gas/Coal
Type: LBO
Financing: Cash
Status: Closed
Vendor: Noble Energy
Buyer: Fieldwood Energy
Buyer Advisor: Weil, Gotshal and Manges , Evercore Group , Opportune
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