Suncor Energy Inc. agreed to sell its interests in three offshore Newfoundland and Labrador oil assets to Ithaca Energy plc, a London-listed North Sea producer. The interests are 48 percent of Terra Nova, 40 percent of the White Rose Existing Lands and 38.6 percent of the White Rose Growth Lands, which include the West White Rose Extension. Consideration is $1.2 billion in upfront cash plus a contingent payment of up to $350 million tied to future oil prices, for a maximum of $1.55 billion. Ithaca also assumes investment commitments and future liabilities, including a $500 million regulatory well compliance program at Terra Nova starting in 2027 and estimated abandonment and lease liabilities of $1.4 billion. Ithaca becomes operator of Terra Nova. The effective date is July 1, 2026. Suncor announced the deal on October 4, 2026, and Ithaca on October 5, 2026. The transaction is ongoing. Suncor expects closing in early 2027 and Ithaca expects the first half of 2027, subject to customary conditions, regulatory approvals and partner consents. Suncor keeps its Hebron and Hibernia interests and raised monthly share repurchases from $500 million to $750 million starting in October. Ithaca's release names Stikeman Elliott LLP as its legal counsel and Scotiabank as its financial adviser.