Harbour Energy plc and the shareholders of Wintershall Dea sign business combination agreement

• E&P business of Wintershall Dea, excluding Russia-related activities, to be transferred to Harbour Energy plc
• BASF and LetterOne to receive cash consideration and share in the combined company
• Subject to regulatory approvals, closing is targeted for Q4 2024

BASF, LetterOne and Harbour Energy plc (Harbour) today (December 21, 2023) signed a business combination agreement to transfer Wintershall Dea’s E&P business consisting of its producing and development assets as well as exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and Denmark (excluding Ravn) as well as Wintershall Dea’s carbon capture and storage (CCS) licenses to Harbour.

Wintershall Dea’s headquarters and the related staff are not part of the transaction. This will require further restructuring and ultimately the closure of the headquarters’ units in Kassel and Hamburg that currently have around 850 employees.

See the full BASF Investor Release here.