Harbour closes $3.2-billion LLOG deal, expands deepwater position in U.S. Gulf
(WO) - Harbour Energy has completed its $3.2-billion acquisition of LLOG Exploration Company LLC, marking the company’s strategic entry into the U.S. Gulf of America and establishing a new core business unit within its global portfolio.
The acquisition provides Harbour with a fully operated, oil-weighted deepwater portfolio and adds a U.S. operating hub alongside its existing core regions in Norway, the U.K., Argentina and Mexico. Company leadership said the transaction strengthens Harbour’s position in one of the world’s most prolific offshore basins and adds high-margin, long-life assets with a substantial inventory of development and drilling opportunities.
LLOG’s production averaged approximately 36,000 boed in 2025, supported by strong performance from the Who Dat and Buckskin hubs and the start-up of the Leon-Castille development in October. Harbour expects production from the acquired assets to increase to between 65,000 and 70,000 boed by 2028, supported by ongoing development activity and identified drilling prospects.
The transaction was financed through a combination of $2.7 billion in cash and approximately $0.5 billion in newly issued Harbour shares to the seller, LLOG Holdings. Cash funding included a $1.0-billion bridge facility, a $1.0-billion three-year term loan and existing liquidity. Following completion, Harbour has applied for admission of the new consideration shares to trading on the London Stock Exchange, with listing expected Feb. 12, 2026.
Harbour Energy CEO Linda Z. Cook said the acquisition represents an important step in the company’s strategy to build scale and capability across key offshore regions. She noted that the addition of LLOG’s workforce, operated infrastructure and deepwater expertise positions Harbour to pursue further growth and value creation in the Gulf of America.
