Kirk Lovegrove has acted as financial adviser to EnQuest Plc on their new US$800 million 6-year secured Reserves Based Lending (“RBL”) facility. The new RBL facility replaces EnQuest’s existing $500 million RBL facility and incorporates both a secured revolving loan facility and a secured revolving letter of credit facility. A syndicate of eight leading international banks, including both existing lenders and new relationships, were involved in the new facility.
Niels Kirk, Executive Chairman of Kirk Lovegrove, commented: “We are delighted to advise EnQuest on its RBL refinancing and to support this landmark lending transaction. The UK North Sea is a core geography for us, having advised on multiple UKCS projects in recent years. KLC is having a strong year in 2025, with client transactions announced in M&A, debt advisory and valuation advisory.
Kirk Lovegrove & Company has acted as financial adviser to Moeve (formerly CEPSA) on the sale of CEPSA Suriname S.L., which holds a 25% interest in Block 53, offshore Suriname to TotalEnergies. As a result, TotalEnergies will join APA (45%, operator) and Petronas (30%) as a partner in the licence.
This also prepares the ground for the Baja discovery in Block 53 to be exploited as a satellite to the GranMorgu project in the adjacent Block 58, in which TotalEnergies is also a partner. Both licences cover part of the Guyana-Suriname “Golden Lane” trend area, which has been an exploration hotspot in recent years. Gran Morgu is due on stream in 2028 via a floating production, storage and offloading vessel able to handle 220,000 barrels per day of oil and 500 million cubic feet per day of gas. This transaction gives TotalEnergies a stake in four blocks centred around what will be Suriname’s first offshore development.
This transaction is part of Moeve’s programme to divest its upstream oil & gas interests and focus on the production of sustainable energy.
Kirk Lovegrove & Company has acted as lead financial adviser to Subsea7 on its proposed €9.3 billion combination with Saipem. The proposed transaction is intended to create a global leader in energy services, with over 45,000 employees and world class capability in offshore & SURF engineering and construction. The combined company is expected to be owned 50-50 by the Saipem and Subsea7 shareholders. Subsea7 shareholders will receive 6.688 new Saipem shares for each Subsea7 share and a pre-completion dividend of €450 million will be paid to Subsea7 shareholders. The combined company’s shares will be listed on both the Milan and Oslo stock exchanges. A binding merger agreement is expected to be signed in mid-2025 with completion to follow in 2026.
Niels Kirk, Co-founder and Executive Chairman of Kirk Lovegrove, said “we are delighted to support our client Subsea7 in this transformational transaction, creating a world class offshore engineering and construction company. This transaction demonstrates our firm’s depth in the energy sector as well as public M&A advisory. We are having a solid start to 2025.”
Jim Peterkin, who led the Kirk Lovegrove advisory team, said “this important mandate follows on from our role in advising Subsea7 on its acquisition offer for DOF Group in 2023. We see significant potential for further M&A and debt advisory work in the oilfield services sector in the near term.”
Kirk Lovegrove has acted as financial adviser to Carlyle International Energy Partners on their new underwritten US$400 million 6-year secured Reserves Based Lending facility to support the acquisition of a portfolio of gas-weighted exploration and production assets in Italy, Egypt and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean.
Niels Kirk appointed Executive Chairman and Jim Peterkin as Chief Executive
March 2024
Kirk Lovegrove & Company Limited (“KLC”), the leading independent energy advisory firm, today announces the next phase of planned growth with the appointment of a new Executive Chairman and Chief Executive.
ConocoPhillips’ sale of its UK E&P subsidiaries – US$2.7bn (2019)
Carlyle and SierraCol’s acquisition of Occidental Colombia – US$825m (2020)
JX Nippon’s sale of its UK E&P subsidiary – US$1.6bn (2021)
Tailwind’s sale to Serica plc – US$782m (2022)
Advising on new debt finance for Serica plc – US$525m (2023)
KLC anticipates the energy sector to be very active in the next two years with M&A transactions driven by deals in the new energy space as the risk profile evolves. Furthermore, KLC expects to see a continuation of traditional energy asset ownership moving from the public to the private sector across regions, including Norway, the Middle East and SE Asia.
The outlook for KLC is encouraging due to the significant need for increased investment in energy assets globally at a time when traditional global investment banks and providers of finance and advisory services are withdrawing from the sector. The firm has a strong and experienced team and robust pipeline, and sees major opportunities in the new and traditional energy areas.
Martin Lovegrove, Non-Executive Director, said: “After more than 50 years in the oil and gas industry I have decided it is time to step down as Chairman of KLC. With the support of our shareholders and strong team, Niels and I have managed to build a successful and profitable company. It has a highly experienced team with all of the skill sets required to ensure clients are well advised in the areas of oil and gas and new energy activities. As in any business it is important to evolve as markets and dynamics change. The Board and I are confident that KLC will have a bright future under the stewardship of Niels and Jim and the firm’s other executive Director, Michael Bridden.”
Niels Kirk, Executive Chairman of KLC, said: “Martin Lovegrove is the undisputed M&A sage in the oil and gas sector with a fifty year long heritage which is embedded today in the firm. We are very pleased his involvement continues as a non-executive director and shareholder. This is a natural evolution for the firm. Jim Peterkin and I have a very clear vision focused on further developing KLC’s global leadership position within the new and traditional energy sectors advising our book of high quality clients who are involved in a range of fascinating transactions. Our team has the expertise and experience required by the C-suite of energy companies who are facing a range of strategic issues globally, be it M&A&D to capital structuring to business development. We provide the strategic insight and counsel which makes a real difference.”
Jim Peterkin, Chief Executive Officer of KLC, said: “I am delighted to have the opportunity to oversee the next stage of growth and development at the firm. 2023 was another profitable year for the company, despite a number of market and governmental headwinds, particularly in the UK. 2024 has started well and we look to the future with confidence.”
KLC has advised over 37 clients in more than 25 countries and has an extensive network of contacts globally. Whether Majors, IOCs, PE backed companies or PE firms themselves, these clients have all benefitted from KLC’s background, skillset and experience which allows it to evaluate a broad range of solutions and provide strategic and financial advice.
These appointments remain subject to final approval by the Financial Conduct Authority, which has been requested.
