Scottish Siccar Point Energy sees $500 million investment

• 10 years ago (2014-09-01)
• Junior Isles

Europe 1089

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Private equity firms Blackstone and Blue Water Energy have revealed that they are to jointly back a $500 million investment in Siccar Point Energy, a new North Sea-focused oil company.

GIC, Singapore’s sovereign wealth fund will also be investing, according to a statement released by the buyout firms.

Jonathan Roger, Siccar Point's Chief Executive, has stated that the move has been timed to coincide with the firm’s larger competitors cutting back on spending and consolidating their global asset portfolios.

"We believe that selective capital deployment and efficient operations can deliver attractive returns in this environment," Roger said in a statement.

Based in Aberdeen, Scotland, Siccar Point Energy works across oil exploration, development and production.