Saturday, 12 September 2026

SED Energy Holdings Plc and Ventura Offshore Holding Ltd. have signed a letter of intent for an all-share combination carrying an implied pro forma equity value of approximately USD 1 billion, according to World Oil. The deal would create a larger offshore energy services group.

Under the terms reported by World Oil, Ventura shareholders would receive 605 million new Energy Holdings shares, an exchange ratio of 5.5 Energy Holdings shares for each Ventura share.

That issuance leaves existing Energy Holdings shareholders with an expected holding of approximately 55% of the combined company on a fully diluted basis, and Ventura shareholders with approximately 45%.

The two businesses together carry roughly USD 1.3 billion in contracted revenue backlog, World Oil reported.

DNB Bank ASA has committed to a USD 250 million bridge facility and to extending an existing USD 30 million revolving credit agreement.

Energy Holdings plans to evaluate a potential U.S. dual listing and initial public offering once the transaction completes, according to World Oil.

Copec Flux, a subsidiary of Copec, is buying the Tamarico II hybrid battery and solar project in the Atacama region of Chile from Greek developer Metlen, ESS News reported.

The site carries 165 MW of PV capacity. Its battery system holds 725 MWh and can be scaled up to 925 MWh, according to ESS News.

Neither side put a price on the transaction.

Metlen builds renewable projects and then sells them, and said Tamarico II falls under that asset rotation approach.

The buyer's group already takes power from Metlen plants in the country: a 15-year contract signed with Copec EMOAC in July 2025 covers 450 GWh of solar output each year from four Chilean sites, supported by 322 MW of Metlen batteries, per ESS News.

An advisory commission set up under the EU Arbitration Convention has concluded that two wind farms should be taxed primarily in the United Kingdom, where they are located, according to Offshore Engineer OEDigital.

The commission found the projects have a genuine legal and economic purpose and that taxing rights belong mainly to the country hosting them over their operating lives, as they generate electricity and revenue, Offshore Engineer OEDigital reported.

The dispute reached the commission in 2023, after the tax authorities involved failed to agree between themselves, according to the same report.

Offshore Engineer OEDigital reported that the Danish tax liability is expected to be largely offset over time by tax reductions in the UK.

Shell Energy North America (SENA) has agreed to acquire 169 MW of natural gas-fired generation capacity in Pennsylvania, according to World Oil.

The purchase covers 100% of Hunlock Creek Generating LLC, owner of two Pennsylvania gas plants: a 125-MW two-unit combined-cycle facility and a 44-MW simple-cycle peaking unit, World Oil reported.

On the sell side, SENA is parting with RISEC, which owns a 609-MW two-unit combined-cycle gas plant serving the New England electricity market, according to World Oil. SENA has held an energy conversion agreement covering the RISEC plant's full electricity output since 2019, and that agreement terminates when the deal closes.

"These transactions reflect our dynamic approach to managing our trading portfolio," said Andrew Smith, Shell's president of Trading & Supply.

Both deals remain subject to regulatory approvals and are expected to close during the first quarter of 2027, per World Oil.