Waldorf Production seeks $2bn additional capital to finance more projects

Waldorf Production, owner of multiple oil and gas exploration assets in the North Sea, is seeking to raise as much as $2 billion to enable them to finance new projects.

The British company is working with advisers to set up a vehicle that will raise capital from outside investors and make acquisitions. They have approached a number of hedge funds and specialist energy investors to gauge their interest in participating in the projects.

Waldorf, led by chief executive officer Erik Brodahl, arrived on the North Sea scene when it bought Endeavour Energy UK for an undisclosed sum in 2019. It’s since been involved in deals including the acquisitions of Hungarian refiner Mol Nyrt.’s UK upstream assets, and the Dutch assets of North Sea oil and gas producer Dana Petroleum and Abu Dhabi National Energy Co.

Deliberations are ongoing, and details of the planned fundraising could still change.

A representative for Waldorf Production declined to comment.

Financial investors like hedge funds and private equity firms are backing producers of oil and gas as conventional lenders cut their funding to the sector. Waldorf is among several smaller companies seeking to acquire North Sea assets being sold by larger energy players, who are seeking to raise funds for renewable investments.

Read the latest issue of the OGV Energy magazine HERE