Law firm advised on £8bn deals

Brodies predicts more M&A activity in North sea sector

Shuna StirlingBrodies’ corporate & commercial team expects to see more M&A activity in the North Sea oil and gas sector as firms adjust to the lower price regime.

Shuna Stirling, Brodies’ head of corporate, said its oil and gas team was helping entrepreneurial clients and E&P operators “who see the opportunity to revitalise and make profit margins on assets in the UKCS.”

She added: “We expect to see more of this type of activity in the market later in the year. There remain significant opportunities out there for businesses with the resources and desire to seize them.”

Brodies has advised on deals with a value of more than £8.2 billion in the first half of the year, including several of Scotland’s highest-profile M&A transactions. Highlights included:

·         Acting for Abellio in winning bid for the ScotRail franchise, and the mobilisation phase, which came into effect from 1 April.

·         Advising Ferguson Marine, a group company of Clyde Blowers Capital, acquire Mackellar Sub-Sea out of administration.

·         Acting for Tulloch Homes in the landmark management buyout of the 90-year-old Scottish business. The deal was backed by a £30 million funding package from Bank of Scotland.

·         Acting on behalf of Stemcor in the sale of Barclay & Mathieson, the UK general steel stockholder, to MBM Group Services.

Ms Stirling added: “We are pleased to have supported such a wide variety of clients active in almost every sector that is key to the future growth of the Scottish economy.

“The first six months of the calendar year have seen continued investment and M&A activity, despite the element of political uncertainty that is inevitable during the period running up to a general election, and nothwithstanding the fall in the price of oil.”

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