Premier Oil to Re-Emerge on U.K. Market Just as Crude Soars
- North Sea driller, renamed Harbour, seen valued at $5 billion
- Takeover by Chrysaor scheduled to complete by end of March
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Premier Oil Plc, the indebted North Sea driller being swallowed by Chrysaor Holdings Ltd., will re-emerge as the largest independent oil and gas producer among U.K. stocks just as the global crude market roars back.
With the takeover expected to complete by the end of March, Premier will start trading under its new name, Harbour Energy Plc, on April 1. Putting behind it a multibillion-dollar debt pile -- due to be paid or canceled this quarter -- the firm should be well-positioned to ride the recovery in oil demand and boost investor returns.