Fieldwood Energy closes acquisition of Noble Energy’s deepwater assets

4/12/2018

HOUSTON -- Fieldwood Energy LLC has announced the closing of its acquisition of all of Noble Energy, Inc.’s deepwater oil and gas assets located in the Gulf of Mexico with an effective date of Jan. 1, 2018.

The acquisition was a key component of Fieldwood’s innovative restructuring and recapitalization plan, which was confirmed last week by the Bankruptcy Court for the Southern District of Texas. Through the prepackaged plan, Fieldwood raised $525 million of capital which was used to fund the acquisition and provide general working capital, while reducing its debt levels by $1.6 billion and eliminating $134 million in annual cash interest.

Fieldwood's CEO, Matt McCarroll, commented, “This acquisition adds quality producing assets to our existing portfolio, provides us with numerous deepwater drilling opportunities and enhances our position as one of the largest operators in the Gulf of Mexico. With a strengthened balance sheet, substantially more cash flow and the new, talented deepwater operating team, we are well positioned to capitalize on future opportunities while executing our safe and efficient operations strategy to create long-term value.”

The entire restructuring and recapitalization 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.

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