Cairn exits Norway

Cairn has unveiled plans to exit Norway, by selling its Capricorn Norge business to Solveig Gas Norway for $100mn.

Following the sale, Cairn will have disposed of all its assets in Norway, reducing its committed exploration and development capex by $100mn.

The company will continue to have a material business in the UK North Sea, where it has interests in the Kraken and Catcher projects.