Siccar Point Energy Acquisition, Valuation, Funding & Investors
Siccar Point Energy was acquired by Ithaca Energy for $1.1B in April 2022.
Cumulative funding Siccar Point Energy raised
$500M
across 1 funding round
Key investors in Siccar Point Energy
Blackstone
GIC
Blue Water Energy
About Siccar Point Energy
Siccar Point Energy is an Aberdeen-based oil and gas company focused on exploration, development, and production in the UK North Sea. Incorporated in 2014, it holds licenses in the Greater Buchan Area and Rosebank field, targeting Jurassic reservoirs. Siccar Point partners with TotalEnergies and others on appraisal drilling and subsea tie-backs to existing infrastructure.
Founded
2014
HQ
AberdeenWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.1B (acquired Apr 2022)
Sectors
Siccar Point Energy Acquisition
Siccar Point Energy was acquired by Ithaca Energy for $1.1B on 7 April 2022.
Before the acquisition Siccar Point Energy had raised $500M across 1 funding round.
Ithaca Energy acquired Siccar Point Energy (Holdings) Limited, a private equity-backed exploration and production company with interests in key UK North Sea assets including the producing Schiehallion (11.8%), Mariner (8.9%), and Jade fields, as well as undeveloped Cambo (70%) and Rosebank (20%) fields. The deal, announced on April 7, 2022, and completed on June 30, 2022, doubled Ithaca's recoverable reserves and positioned it as a leading UK North Sea operator with potential production of at least 80,000 boe/d through the next decade. The transaction structure included an upfront payment of $1.1 billion, with potential additional payments up to $360 million linked to future developments and $60 million tied to commodity prices. Accounting for the acquisition recognized negative goodwill of $666 million due to the price paid being less than net assets acquired, primarily from deferred tax assets unavailable to the prior owner. Cash outflow for the acquisition was approximately $927 million net of cash acquired. The acquisition aligned with the UK Government's Energy Security Strategy emphasizing domestic oil and gas production, amid Ithaca's active M&A including Summit E&P and Marubeni assets. Post-acquisition, Siccar Point assets contributed $78.8 million revenue and $69.4 million profit before tax from July to September 2022.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 7 Apr 2022 | Strategic M&A | $1.1B |
Siccar Point Energy Funding History
Siccar Point Energy has raised a total of $500M across 1 funding round.
Siccar Point Energy funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Sep 2014 | Undisclosed stage | Blackstone (lead); Blue Water Energy (lead); GIC | $500M | Siccar Point Energy is a North Sea-focused exploration, development, and production company targeting UK Continental Shelf opportunities, with expertise in managing large complex assets and innovative technologies to unlock hydrocarbon potential. Launched in August 2014, it received an initial investment of up to $500 million led by affiliates of Blue Water Energy and Blackstone Energy Partners, with participation from Singapore's sovereign wealth fund GIC. The funding supported participation across the full value chain from exploration to production, focusing on change-of-control assets to facilitate follow-on investments. The senior management team, led by Jonathan Roger, includes experienced professionals from Venture Production and Centrica Energy Upstream, such as Iain Bartholomew as Subsurface Director, Doug Fleming as Finance Director, and David Sheach as General Counsel. Blackstone highlighted its $7 billion in prior energy equity investments, emphasizing support for entrepreneurial teams building high-growth companies. Blue Water Energy, a middle-market energy private equity firm, viewed the North Sea as offering continuing opportunities for well-managed companies with clear strategies and capital access. Post-launch, Siccar Point made its first acquisition in the Greater Mariner Area, buying an 8.9% interest from JX Nippon, establishing a platform for further North Sea investments amid capital scarcity. The company later acquired OMV (U.K.) Limited and grew its portfolio, eventually leading to a $1.5 billion sale to Ithaca Energy in 2022, including $1.1 billion upfront and up to $360 million in contingents tied to developments and commodity prices. |
Who has invested in Siccar Point Energy?
3 investors have backed Siccar Point Energy across its funding rounds, including Blackstone, GIC and Blue Water Energy.
Lead investors include Blackstone and Blue Water Energy.
Siccar Point Energy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 New York City, NY | 1 | Lead | Sep 2014 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Siccar Point Energy
Siccar Point Energy has acquired 2 companies to date.
Last acquisition by Siccar Point Energy was on November 9th 2016. Siccar Point Energy acquired OMV (U.K.) for $750M.
Latest Acquisitions by Siccar Point Energy
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} OMV (U.K.) | OMV (U.K.) Ltd | |
| Description | OMV (U.K.) was the British upstream subsidiary of the Austrian oil and gas group OMV, holding production, development projects and exploration acreage concentrated west of Shetland on the UK continental shelf. Its portfolio included an 11.8% interest in the Schiehallion oil field, a 20% interest in the Rosebank development and a 5.6% interest in the producing Jade field. The company was headquartered in London and sold crude oil and natural gas from its non-operated and operated interests. | OMV (U.K.) Ltd is an Aberdeen-based subsidiary of Austria's OMV AG conducting oil and gas exploration and production in the UK North Sea. Operator of the Schiehallion and Rosebank fields, it holds 22 licenses producing 50,000 barrels of oil equivalent per day through platforms like the Foinaven FPSO. |
| HQ Country | | |
| HQ City | London | London |
| Deal Date | 9 Nov 2016 | 8 Nov 2016 |
| Valuation | $750M | $750M |
| EV/Revenue | ||
| EV/EBITDA | ||
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Siccar Point Energy Competitors
Siccar Point Energy competitors include listed companies like Meren Energy, Exmar, NPK International and Terpel, and private ones like Petronas (50% stake in two Brazil offshore fields) and Yantai Wanhua Petrochemical.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Canada | Publicly listed | $562M | $256M | $1.1B | 2.0x | |
 Belgium | Publicly listed | $248M | $118M | $1.1B | - | |
| United States | Publicly listed | $277M | $73M | $1.1B | 3.6x | |
 Colombia | Publicly listed | $11B | $428M | $1.1B | - | |
| Petronas (50% stake in two Brazil offshore fields) |  Kuala Lumpur | Private | - | - | $900M | - |
 China | Private | - | - | $2.6B | - |
Siccar Point Energy Public Comps
Siccar Point Energy is no longer listed, but its public comps include Meren Energy, Exmar, NPK International, Terpel, TotalEnergies EP Gabon, Suburban Propane, HighPeak Energy, Excelerate Energy, 2G Energy and Fugro.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $562M | $256M | 2.4x | 2.0x | 5.2x | 3.0x | |||
| $248M | $118M | 5.1x | - | 10.7x | - | |||
| $277M | $73M | 3.9x | 3.6x | 14.9x | 11.9x | |||
| $11B | $428M | 0.2x | - | 4.6x | - | |||
| $418M | $210M | 1.5x | - | 2.9x | - | |||
| $1.4B | $256M | 1.7x | 1.8x | 9.6x | 8.9x | |||
| $863M | $585M | 2.4x | 2.4x | 3.6x | 3.6x | |||
| $1.2B | $416M | 3.1x | 2.6x | 9.0x | 7.8x | |||
This data is available for Pro users. Sign up to see all Siccar Point Energy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Siccar Point Energy
| When was Siccar Point Energy founded? | Siccar Point Energy was founded in 2014. |
| Where is Siccar Point Energy headquartered? | Siccar Point Energy is headquartered in Aberdeen, United Kingdom. |
| Is Siccar Point Energy publicly listed? | No, Siccar Point Energy was acquired by Ithaca Energy in April 2022. |
| Who acquired Siccar Point Energy? | Siccar Point Energy was acquired by Ithaca Energy in April 2022. |
| How much was Siccar Point Energy acquired for? | Siccar Point Energy was acquired for $1.1B in April 2022. |
| How much funding has Siccar Point Energy raised? | Siccar Point Energy has raised $500M across 1 funding round. |
| What was Siccar Point Energy's last funding round? | Siccar Point Energy's last funding round was a $500M undisclosed-stage round in September 2014, led by Blackstone and Blue Water Energy. |
| Who are Siccar Point Energy's investors? | Siccar Point Energy's investors include Blackstone, GIC and Blue Water Energy. |
| Which companies are comparable to Siccar Point Energy? | Companies comparable to Siccar Point Energy include Meren Energy, Exmar, NPK International, Terpel, Petronas (50% stake in two Brazil offshore fields) and Yantai Wanhua Petrochemical. |
| How many companies has Siccar Point Energy acquired? | Siccar Point Energy has acquired 2 companies, including OMV (U.K.) and OMV (U.K.) Ltd. |
| What was the largest acquisition by Siccar Point Energy? | The $750M acquisition of OMV (U.K.) in November 2016 is the largest acquisition Siccar Point Energy has made to date. |
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