Kerr-McGee Sells Hutton TLP
Kerr-McGee has sold the Hutton tension leg platform to Monitor TLP Ltd. Kerr-McGee's net proceeds of US$29 million from this transaction will be used to reduce debt.
The Hutton TLP was removed from the Hutton field as part of the decommissioning program approved by the United Kingdom Department of Trade and Industry in May 2002.
The Hutton field is operated by Kerr-McGee with 58.74% interest. Hutton field co-venturers include Enterprise Oil U.K. Limited (acquired in 2002 by Royal Dutch Shell group), 9.54%; Cieco Exploration and Production (U.K.) Limited, 8.63%; LASMO (ULX) Limited, 8.63%; CNR International (U.K.) Limited, 7.76%; and Westoil Operations Limited, 6.70%.