Fossil Energy – Enauta
Oil and gas company Enauta has signed a purchase and sale agreement with affiliates of Westlawn Americas Offshore (WAO), which will acquire 20% participating interest in the BS-4 concession, which includes the Atlanta and Oliva fields, offshore Brazil.
WAO is a portfolio company of Westlawn Group and owns various interests in the Gulf of Mexico offshore basins.
The deal will bring $301.7 million to Enauta, which will be paid at transaction closing and subject to adjustments related to the net cash flow with investments for the delivery of Atlanta and Oliva generated between the effective date of November 1, 2023 and the transaction closing date.
The transaction also includes an option to sell a 20% stake in Atlanta Field B.V. (AFBV) for $65 million exercisable in 2024 upon agreement.
AFBV is an Enauta affiliate that holds the long-term credit receivable from Yinson associated with FPSO Atlanta, accounted for $328 million on December 31, 2023.