Cairn enters agreement with Solveig Gas Norway for Capricorn Norge disposal

Solveig Gas Norway has entered into an agreement with Cairn Energy for the acquisition of all the shares in the Capricorn Norge for a total consideration of US$100 million. 

Following this transaction, Cairn will have disposed of all of its assets in Norway and will reduce its committed exploration and development capital expenditure by US$100m.

Cairn will use the proceeds of the transaction to fund its ongoing business.

The transaction is expected to complete in early 2020 and remains subject to written consent by the Norwegian Ministry of Petroleum and Energy, partner and third-party approvals.