Fairfield on brink of pulling flotation
FAIRFIELD Energy, the oil and gas group, is close to pulling its planned flotation, sources close to the transaction have confirmed to City A.M.
The company, which is being advised by Credit Suisse and Goldman Sachs, will hold a board meeting later today at which the decision is likely to be confirmed.
One source close to the company said: “They’re never going to give this company away cheaply.”
Fairfield was hoping to raise £330m to add production at its existing Dunlin oil fields in the North Sea, as well as for development and further exploration at other North Sea fields it owns. Below expected investor interest may make it difficult for the US private equity group Warburg Pincus to offload its stake through an overallotment.
Advisers blamed market volatility for the difficulties, while investors have on the whole been pleased with management during a 10 day investor roadshow.