Scottish oil and gas firm Cairn Energy has announced that it has sold off a stake in its Nova development off the coast of Norway.
The 10% stake has been sold as a farm-out agreement to One-Dyas Norge for almost £50 million.
Edinburgh-headquartered Cairn said it will retain a participating interest of 10% interest in the Nova development and reduce its capital expenditure by £90m in the project to the end of 2021.
It will use the funds for further exploration and development.
The transaction remains subject to written consent by the Norwegian Ministry of Petroleum and Energy, partner and third-party approvals.
Ownership of Nova now sits at Wintershall DEA (Operator) 45%, Spirit Energy 20%, Edison 15%, Cairn 10%, One-Dyas 10%.
First oil is targeted for 2021.