Cairn Energy has completed a farm out agreement for the sale of the Catcher development.
The firm will sell a 10% working interest in the North Sea to Dyas UK.
Following the transaction the firm has reduced its forward capital expenditure to the end of 2017 by $380million.
The news comes as Cairn was awarded five licenses in the Norwegian 2014 APA licensing round.
The company retains a 20% working interest in the Catcher development.
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