Trident Energy expands growth capabilities with new investment from Quantum Energy Partners
16 February 2022, London
Trident Energy (“Company”, “Trident”), and Warburg Pincus are pleased to announce the successful closing of a new investment into Trident Energy by Quantum Energy Partners (“Quantum”), to support the Company’s continued growth and business development. Under the terms of the transaction, Quantum is now a significant investor in Trident and has committed to participate in a $400 million Line of Equity ("LOE”) alongside Warburg Pincus and Trident’s existing minority shareholders. Trident expects to use the LOE to fund additional growth opportunities in its existing assets and new opportunities.
Trident was founded in 2016 with a focus on acquiring, operating and redeveloping mid-life oil and gas assets. Trident operates the Pampo and Enchova assets in the Campos Basin in Brazil and the Okume and Ceiba fields in Equatorial Guinea with total gross operated production of approximately 60,000 bopd. The Company’s specialist team has unrivalled experience in taking over midlife producing assets and rejuvenating them through a combination of reservoir management and operational excellence.
Quantum is a leading provider of private capital across the energy ecosystem, including traditional and sustainable energy with a long and proven track record of successfully investing in companies with a partnership approach. The new partnership with Quantum highlights the quality of Trident Energy’s management, the business and its successful strategy. Quantum’s extensive energy expertise and responsible and value-added approach to investing will further strengthen Trident Energy’s capabilities and support the Company’s growth objectives.
Jean-Michel Jacoulot, CEO at Trident Energy ML, said: “We are delighted to have Quantum Energy Partners onboard. Their vision is aligned with ours and their confidence in our strategy and business model demonstrates the quality of our assets, reserves base and our experienced team. Warburg Pincus has been a strong and committed partner and remains dedicated to the Company as our majority shareholder. The transaction will enable Trident to continue its growth trajectory and develop a global portfolio. We are excited for what’s to come and look forward to working with our partners to take Trident Energy to the next level.”
Tom Field, Partner at Quantum, commented: “Quantum is excited to be partnering with the Trident Energy team via a meaningful ownership interest from day one and a sizable go-forward equity commitment. We believe the Trident team is uniquely capable with a proven track record of creating value and doing so responsibly with a strong commitment to ESG. Additionally, we feel that the company is well positioned to continue to acquire sizable assets in the international arena and we’re excited to provide growth capital to that end. We look forward to working alongside both Trident and Warburg Pincus as we seek to grow the company.”
Ryan Dalton, Managing Director at Warburg Pincus, added: “Trident has grown its business impressively over the past six years of our partnership, now with a global portfolio of high-quality assets. We are excited to partner with Quantum as Trident continues to build its platform.”
J.P. Morgan Securities Plc acted as an Exclusive Financial Adviser and a Sole Placement Agent to Trident Energy with respect to the transaction with Quantum.