Scotland business

Oil firm Cairn sells 10% interest in Catcher field

Oil and gas explorer Cairn Energy has agreed to sell a 10% interest in the Catcher development in the North Sea for up to $182m (£112m).

The sale to Dyas UK Limited will leave the Edinburgh-based firm with a 20% stake in the project.

Following the transaction, Cairn will reduce its capital expenditure to the end of 2017 in the Catcher area by about $380m to $200m.

Cairn Energy said the deal gave it "additional operational flexibility".

Catcher is located 100 miles off the coast of Aberdeen.

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