Walkers is delighted to have acted for Trident Energy as Cayman and Jersey counsel on its acquisition of the ten Pampo and Enchova clusters offshore Brazil from the state-owned company Petrobras. The Walkers Cayman team was led by Managing Partner Jack Boldarin and Senior Counsel Catherine Overton and the Walkers Jersey team was led by partner Nigel Weston and Senior Counsel Jon le Rossignol. Walkers acted alongside English transaction counsel, Herbert Smith Freehills.
The transaction was concluded with the payment of US$365,400,000 to Petrobras and provides for contingent payment of an additional amount of US$650,000,000.
As a result of the completed transaction, Trident Energy has become the operator of these concessions with a 100 per cent interest. The acquisition also marks the entry of Trident Energy in Brazil.
Trident Energy said: “This is a major milestone for Trident Energy, after the successful takeover of the Ceiba and Okume fields in Equatorial Guinea in 2017. While adding another world-class asset to its portfolio, Trident Energy’s international growth will bring many new exciting opportunities.”
According to the company, a large number of attractive projects to increase production, rejuvenate the assets, and extend the life of these fields have been identified. This enabled the Brazilian petroleum regulator ANP to grant the extension of all the concessions as part of the assignment to Trident Energy.