Ithaca Energy has expanded its North Sea portfolio by acquiring assets from Summit Exploration and Production for $224m.
It also confirmed that it will be buying small stakes in the Elgin-Franklin hub, as well as the Seal and Gael pipelines, with several other offshore exploration licences changing hands.
The agreement is subject to approval by the North Sea Transition Authority.
Ithaca also signed an agreement to acquire 13.3% additional equity interest in the Alba field from Mitsui E&P UK completed at the end of November last year.
This takes the company's interest in the Alba field to 36.7%. It signed an agreement to acquire 100% of the share capital of Marubeni Oil and Gas UK for $140m base consideration, with $70m payable on completion and $70m deferred to 2025.
There are further contingent payments in the future, should certain milestones be achieved related to future development activities.
The sale and purchase agreement completed on 4 February and gives Ithaca non-operated working interests in the Repsol Sinopec operated MonArb assets and CNR-operated Columba assets.
In the fourth quarter production improved following the forties pipeline system, shutting down in quarter two and other planned maintenance in quarter three.
The earnings before tax was £1.03bn, which included $115m on the commodity hedging instruments that were reset in 2020.
Ithaca repaid $275m against the reserve barrels lending facility during quarter four, taking net debt down to £930m.
It received development consent for the Abigail Field by the North Sea Transition Authority in January, with the first oil to be produced in the third quarter of this year.
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