NEW ORLEANS — London-listed Harbour Energy has agreed to acquire LLOG Exploration for $3.2 billion, a deal that brings a major international operator directly into Louisiana’s offshore energy economy and places a Louisiana-headquartered company at the center of a global expansion strategy.
LLOG Exploration, one of the largest privately held producers in the deepwater Gulf, is headquartered in southeast Louisiana, where it maintains its executive leadership, engineering, geoscience and administrative operations. While its oil production is offshore, the company’s workforce and decision-making hub are rooted in Louisiana, making the transaction a significant moment for the state’s energy sector.
Harbour Chief Executive Linda Cook said the move fulfills a long-standing goal to establish a deepwater Gulf presence built on existing infrastructure and future growth opportunities. “With LLOG, we found the right combination of high-quality assets and a talented team, providing a strong strategic and cultural fit with our company,” said Cook. “The transaction positions us as a leading player in a region with well-established infrastructure, a supportive fiscal and regulatory environment and opportunities for additional growth.”
A Louisiana-Headquartered Operator at the Center of the Deal
Harbour Energy said the acquisition marks its entry into the U.S. market by establishing a foothold in the Gulf of Mexico. The deal adds oil fields that are already producing and expected to remain productive for many years, while also offering opportunities for future development, expanding Harbour’s business beyond its core North Sea operations. The assets will be supported by an experienced operating team based in Louisiana.
The $3.2 billion transaction includes $2.7 billion in cash and $500 million in Harbour Energy shares issued to LLOG’s owners. Harbour plans to pay the cash portion using money it already has on hand and by taking on new loans. The deal is expected to close in late first quarter 2026, pending regulatory approvals.
Offshore Assets, Onshore Impact for Louisiana
For Louisiana, the significance lies less in where the wells are drilled and more in where the work is done. LLOG’s offshore fields rely on a dense network of Louisiana-based ports, fabrication yards, helicopter services, marine operators and professional firms. Activity tied to the company’s Gulf operations flows through coastal and urban hubs such as New Orleans and Houma, reinforcing the state’s role as the logistical and operational backbone of deepwater energy production.
In a statement, Harbour said the Gulf offers well-established infrastructure and a deep supplier base—an ecosystem long anchored in Louisiana’s ports, fabrication yards and offshore service companies.
Harbour has said LLOG will operate as its Gulf business unit following the acquisition, retaining the LLOG name to preserve the company’s identity and local presence.
“We are pleased to be joining an outstanding company and believe that by uniting our teams and expertise, we’re unlocking new possibilities, empowering our people, and setting the stage to achieve extraordinary results with Harbour,” said Philip LeJeune, LLOG CEO. “As we look to the future, we remain dedicated to maintaining the same high ethical and operational standards that have helped guide us for the past 48 years, but with a new partner whose shared vision of growth, innovation and operational excellence will help us achieve significant successes through a strong collaborative culture.”
LLOG’s “advantaged portfolio and exceptional team, led by CEO Philip LeJeune, have established the company as one of the region’s most respected operators,” Cook said.
The announcement was met with a modest decline in Harbour’s share price, reflecting investor concerns about deal financing and dilution. Still, the company said the acquisition is expected to strengthen its financial performance over time by increasing production, generating cash and diversifying its portfolio.
About LLOG
Founded in 1977, LLOG Exploration has built a strong track record in offshore oil and gas development, combining early onshore operations with a growing portfolio of deepwater projects in the Gulf of Mexico. The privately held company has become known for bringing projects online efficiently while maintaining high standards for safety and regulatory compliance.
LLOG employs about 150 professionals across engineering, geoscience and operations and is headquartered in Covington, Louisiana, with a second office in Houston, Texas.
