Vote of confidence in the North Sea as Viaro set to acquire RockRose

Vote of confidence in the North Sea as Viaro set to acquire RockRose

On Monday 6 July, RockRose Energy plc (RockRose) announced that it had reached an agreement to be acquired by Viaro Energy limited (Viaro), at a 64% premium to its closing price on Friday, valuing RockRose at £248 million. The deal has been unanimously recommended by the board, and currently has the combined support of directors and shareholders holding 36.9% of shares.

Viaro’s long term strategy includes a focus on the UK Continental shelf and the company has stated its interest in doing its part to assist the economic recovery of the North Sea, which RockRose would provide access to. The oil and gas industry has been left battered after being caught in the geopolitical oil price war between Saudi and Russia. Alongside this, travel restrictions caused by the pandemic have severely dampened demand causing oil prices to tumble to record lows in recent months. Production cost in the North Sea is relatively high compared to its counterparts in, for example, in the Middle East, hence providing a bigger blow to the region.  The takeover, therefor

Subscription Form

Already a subscriber? Login
RELX (UK) Limited, trading as LexisNexis, and our LexisNexis Legal & Professional group companies will contact you to confirm your email address. You can manage your communication preferences via our Preference Centre. You can learn more about how we handle your personal data and your rights by reviewing our  Privacy Policy.

Related Articles:
Latest Articles:

Access this article and thousands of others like it free by subscribing to our blog.

Read full article

Already a subscriber? Login

About the author:

Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.