24 July 2014, News Wires – Britain’s BG Group is considering selling its largest operations in the North Sea for about £1 billion pounds ($1.7 billion), according to reports.
BG appointed Rothschild to advise on a restructuring in a move that could result in the sale of its Armada, Everest and Lomond platforms, according to the Times, which cited unnamed sources.
One of the market sources told the newspaper that the FTSE-100 company is in “disposal mode in the North Sea” as it tries to improve the performance of its portfolio.
BG announced a portfolio review to beef up its finances last year.
“We do not respond to rumour and speculation. BG Group has been clear that we plan to take a more active approach to managing our assets,” a BG spokesperson was quoted telling the Times.
“No asset is sacrosanct,” she added.
BG and Rothschild could not be reached for a comment outside of normal business hours.