Seacrest Capital-backed OKEA AS has agreed to acquire the working interests of AS Norske Shell in Draugen (44.56%) and Gjoa (12%) fields offshore Norway for $556 million. Deal terms call for Shell to retain 80% of the decommissioning liability of the two assets up to an aftertax cap of $78 million subject to CPI indexation and to make a future payment to OKEA of $46 million subject to CPI indexation upon OKEA completing decommissioning.

Source: News