UK North Sea acquisition

Harbour Energy announces that it has entered into an agreement to acquire substantially all the subsidiaries of Waldorf Energy Partners Ltd and Waldorf Production Ltd, currently in administration, for $170 million1. The consideration will be funded through readily available sources of liquidity.

The acquisition is immediately materially accretive to Harbour’s free cash flow and will support the competitiveness, resilience and longevity of Harbour’s UK business.

The acquisition is expected to:

Add oil-weighted production of 20 kboepd and 2P reserves of 35 mmboe2

Increase Harbour’s interest in its operated Catcher field to 90% (from 50%) and improve the financial stability of the joint venture partnership

Provide a new production base for Harbour in the Northern North Sea with the addition of a 29.5% non-operated interest in the Kraken oil field

Unlock operational synergies through the integration of Waldorf’s non-operated portfolio into Harbour’s UK organisation

Deliver significant financial synergies through:

the release of an estimated $350 million3 of cash currently posted to secure Waldorf’s decommissioning liabilities4, leveraging Harbour’s investment grade balance sheet

the addition of Waldorf’s UK ring fence tax losses5

Completion is expected to occur during the second quarter of 2026 and is subject to, among others, customary regulatory approvals and full and final settlement of all creditor claims against Waldorf’s subsidiaries.