Siccar Point Energy has acquired the UK assets of OMV.
The transaction value is estimated at $1 billion, consisting of a $750 million payment and a contingent payment related to Rosebank field valued at $125 million.
OMV UK has assets in the Shetland islands including interests in the Schiehallion, Rosebank, Cambo and Black Rock fields.
Siccar Point is backed by funds managed by Blackstone and Blue Water Energy.