Fieldwood Energy Closes Acquisition of Noble Energy's Deepwater Assets
Houston-based Fieldwood Energy LLC on April 12, 2018 announced the closing of its acquisition of all of Noble Energy Inc.'s deepwater oil and gas assets located in the Gulf of Mexico with an effective date of January 1, 2018.
The acquisition was a key component of Fieldwood's innovative restructuring and recapitalization plan, which was confirmed last week by the Bankruptcy Court for the Southern District of Texas. Through the prepackaged plan, Fieldwood raised $525 million of capital, which was used to fund the acquisition and provide general working capital, while reducing its debt levels by $1.6 billion and eliminating $134 million in annual cash interest.
In February, Fieldwood Energy filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas.
Opportune LLP acted as Fieldwood Energy's restructuring advisor in the case.