Mitsui Confirms $283MM GOM Asset Sale
Mitsui confirmed that its U.S. subsidiary, MitEnergy Upstream LLC ("MitEnergy"), has entered into a purchase and sale agreement on November 20, 2009 to divest all of its Gulf of Mexico oil and gas assets to Energy XXI, Inc. for $283 million.
Mitsui will reinvest the sale proceeds to other high growth potential opportunities including upstream oil and gas business in order to build a more robust and balanced business portfolio.
North America still remains as one of the core areas for Mitsui in terms of its upstream oil and gas business and will continue to pursue to build sustainable business in the region.
The impact on the consolidated profit and loss as a result of this divestment is expected to be minimal.
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Company: Energy XXI more info
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