HARBOUR ENERGY TO LEAD ACQUISITION OF SHELL UK NORTH SEA ASSETS FOR $3.0 BILLION

January 31, 2017
Acquisition of Diverse Portfolio Creates the Leading UK Independent
E&P Company Focused on the North Sea,
Provides Harbour Energy with Robust Platform for Expansion in Region
 
WASHINGTON, D.C., January 31, 2017 – Harbour Energy, Ltd. (“Harbour Energy”), the energy investment vehicle managed by EIG Global Energy Partners (“EIG”), today announced it has agreed to lead the acquisition by Chrysaor Holdings Limited (“Chrysaor”) of a well-diversified portfolio of oil and natural gas assets from Shell U.K. Limited and its affiliates (“Shell”) to create the UK’s leading independent oil and gas company focused on the North Sea.
 
The asset package has strong cash flows at current commodity prices and includes Shell interests in ten operated and non-operated field areas, in addition to associated infrastructure and midstream assets,and an organization of approximately 400 employees. Collectively, the assets produced 115,000 barrels of oil equivalent per day in 2016, and we expect them to comprise approximately 350 million barrels of oil equivalent proven and probable (2P) reserves as at the transaction effective date of July 1, 2016. Harbour Energy, together with funds managed by EIG, will provide Chrysaor with up to $1 billion to support the acquisition and provide future growth capital. The remainder of the capital required for the acquisition will be provided by lenders.
 
Linda Z. Cook, the Chief Executive Officer of Harbour Energy, said, “Our investment in Chrysaor offers us a compelling opportunity to execute on our core strategy of investing in energy companies that we believe include high quality assets, strong management teams and significant long-term growth potential. With Chrysaor, Harbour Energy now has an immediately scalable, robust platform from which to invest in additional upstream energy assets and participate in further consolidation in this important region.”
 
R. Blair Thomas, the Chief Executive Officer of EIG, said, “This transaction is central to the strategy behind our creation of Harbour Energy— putting permanent capital to work to take advantage of long-term growth opportunities and applying our deep industry and operating expertise in pursuit of attractive assets made available by portfolio re-balancing occurring across the global oil and gas industry. The markets have dictated patience over the last few years, but we believe now is the time to lean-in and take advantage of the exciting opportunities we see developing in the energy sector.”
 
Both Cook and Thomas will serve as Directors on the board of Chrysaor, with Cook assuming the role of Chairman.
 
Advisor
 
White & Case LLP is serving as legal counsel to Harbour Energy in connection with the transaction.
 
About Harbour Energy
 
Harbour Energy, Ltd. (“Harbour Energy”) is an energy investment vehicle formed by EIG Global Energy Partners (“EIG”) and the Noble Group to pursue control and near control investments in high-quality upstream energy assets globally. Harbour Energy is externally managed by EIG and led by a management team that includes Linda Z. Cook, a 29-year veteran of Royal Dutch Shell, as CEO and Terence Jupp, former Vice President of International Operations for Anadarko Petroleum, as COO. For more information, please visit www.harbourenergy.com. EIG specializes in private investments in energy and energy-related infrastructure on a global basis and had $14.3 billion under management as of September 30, 2016. EIG has invested over $23 billion in more than 310 portfolio investments in 36 countries on six continents. For more information, please visit www.eigpartners.com.
 
Important Legal Notice:
 
This announcement is being made for information purposes only and is not intended to be, and must not be taken as, the basis for an investment decision or any investment activity. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any interest in Harbour Energy or any other entity, or any other securities in any jurisdiction including the United States, nor shall it form the basis of, or be relied upon in connection with, any contract or investment decision. Securities may not be offered or sold in the United States absent a registration statement or an exemption from registration. Nor is this announcement intended to be, and must not be taken as, any offer to purchase or invitation to sell, or any solicitation of any offer to purchase, or solicitation to sell, securities of Chrysaor.
 
Certain information contained herein constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” project,” “potential,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon. Because of various risks and uncertainties, actual events or results or actual performance may differ materially from the events, results or performance reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements.
 
Media Contact:
 
Sard Verbinnen & Co.
Robert Rendine / Brandon Messina
+1 212-687-8080