EnQuest Expands International Reach with Vietnam Acquisition

UK-based EnQuest is set to boost its international presence by acquiring Harbour Energy's assets in Vietnam. The $84 million deal will see EnQuest expand its operations in Southeast Asia, adding a significant interest in key production fields. The transaction is expected to finalize in the second quarter of the year.

UK's EnQuest has announced plans to acquire Harbour Energy's business in Vietnam as part of its strategy to expand its international operations beyond the North Sea.

The transaction, valued at $84 million including debt, is expected to see EnQuest shell out a net $35 million once the deal is completed. This acquisition will notably expand EnQuest's footprint in Southeast Asia beyond its existing presence in Malaysia.

The acquisition entails a 53.125% equity stake in the Chim Sao and Dua production fields, with the deal anticipated to be finalized during the second quarter of this year.

(With inputs from agencies.)