Ernst & Young advises on oil field sale
Ernst & Young is to assist Aberdeen-based energy company Ramco in selling interest in a gas field
Ramco Energy has appointed Ernst & Young to help it sell its 86.5% stake
in the Seven Heads gas field near London.
The Big Four firm was appointed after Ramco concluded extended waiver
agreements with its bankers and a major creditor.
E&Y will also help identify buyers for other assets, including Ramco’s
profitable oil services business.
Ramco needs to repay a £12m tranche of its borrowings on Seven Heads and has
negotiated to defer the payment of £1.55m of debt to a major creditor until
asset sales have been concluded.