VIARO Energy has announced that it has reached agreement with RockRose Energy to acquire the entire share capital of the North Sea firm in a deal worth more than £247 million.
London-headquartered Viaro Energy, a wholly owned subsidiary of the Viaro Group, is a physical energy trading group with global commodities trading activities and interests in energy sector support services and upstream asset development.
The Viaro Group has offices in Dubai and Hong Kong.
It is understood Viaro Energy will acquire RockRose Energy’s North Sea portfolio.
Andrew Austin, RockRose executive chairman, said: “After careful reflection, the board of RockRose has concluded that accepting this offer is firmly in the best interests of our shareholders.
“It has been an exciting journey since RockRose was founded five years ago. However, for the benefit of all stakeholders, now is the time to move on and allow RockRose to continue to flourish with new backers.”
Francesco Mazzagatti, Viaro Energy chief exexcutive officer, said: “I am very pleased that the board of RockRose has recommended our offer for RockRose.
“We have ambitious growth plans in the UKCS and we believe that RockRose’s producing assets, its staff, its commitment to health and safety, the environment and best in class operational procedures, will be an ideal platform from which to grow our presence in the UKCS.
“I’m extremely pleased that RockRose’s senior management team has agreed to join us as they share our vision for future growth.”
Dr. Roger Tucker, Viaro non-executive chairman, said: “Personally, I’m also pleased to be returning to the UKCS, an area I know very well, to work alongside this first-class team to deliver our growth plans in the region.”
