By Cristina Roca 
 

Total SA on Wednesday confirmed its commitment to selling its U.K. North Sea assets to Neo Energy, and said the sale will take place under renegotiated financial terms.

The French energy major said it has renegotiated the deal with Norway's PE firm HitecVision AS in light of the current environment.

"The structure of the consideration and phasing of payments has been modified, including interest-bearing vendor financing and earnout arrangements," Total said.

The deal is expected to close by the third quarter of this year, Total said.

Last year, Total said it would sell the U.K. assets to Petrogas for a $635 million consideration, and that Petrogas had partnered with HitecVision.

PetroGas Co. isn't part of the transaction any more, Total said on Wednesday.

 

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

 

(END) Dow Jones Newswires

May 20, 2020 02:54 ET (06:54 GMT)

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