Kerr-McGee Completes Exit from North Sea
Kerr-McGee has completed the sale of 100% of the stock of Kerr-McGee (G.B.) Ltd. to Maersk Olie og Gas AS, a subsidiary of A.P. Moller - Maersk A/S, for $2.95 billion. This transaction, which is effective as of July 1, 2005, completes Kerr-McGee's exit from the North Sea. The combination of this transaction and the previously closed sale of the non- operated portion of the company's North Sea properties provides net after-tax proceeds of approximately $3.1 billion to Kerr-McGee.
"The company now has closed approximately 75% of the expected $4.4 billion in net after-tax proceeds to be received this year, which enables us to continue our efforts to reduce leverage," said Bob Wohleber, Kerr-McGee chief financial officer. "We expect to receive the remaining proceeds by year-end 2005. In addition, we currently are evaluating bids for our Gulf of Mexico shelf properties."
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Company: Maersk Oil & Gas more info
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