EnQuest switched from plans to sell a stake in its flagship North Sea oilfield to borrowing money against it after two sets of sale talks had to be abandoned as a deadline for a debt repayment approached, industry and banking sources said.
EnQuest, with almost $2 billion (1.53 billion pounds) in debt, launched earlier this year the sale of a 20 percent stake in the heavy oil Kraken field, one of the largest North Sea developments which started production in June last year.
The sale of the stake would have pumped welcome cash into the coffers of the company which has to pay back just under $200 million in debt in October.
The sale process, initially expected to raise up to $400 million, was run by investment bank Jefferies.
Source: Reuters via Yahoo! Finance