Petrofac Solutions Acquisition by Expert Petroleum
OMV Petrom, the largest oil and gas producer in Southeastern Europe, announced the continuation of a production enhancement contract in Țicleni area, Gorj County, Romania, with a new partner: Expert Petroleum. The partner has taken over the share capital of the Romanian subsidiary of Petrofac group, the initial partner in the production enhancement contract, and will continue the extraction activities and related services.
The present production enhancement contract in Țicleni area will continue based on an amended version so that it should reflect the new market conditions. OMV Petrom will remain sole titleholder of the concession agreements, owner of the hydrocarbons production and existent equipment, as well as holder of the rights and obligations as defined by the Petroleum Act.
Leroy şi Asociaţii acted as counsel to Expert Petroleum on the direct acquisition of all shares issued by Petrofac Solutions, performing legal due diligence of the target company, drafting the transaction documents and assisting in the process of obtaining antitrust clearance from the Romanian Competition Council.
Partner Andreea Toma led the transaction which involved M&A, energy and competition aspects. She worked along Managing Associate Eleonora Udroiu and Senior Associates Catalin Barb and Ruxandra Manciu.