10:32 AM EDT, 03/18/2024 (MT Newswires) -- Talos Energy ( TALO ) said Monday it sold its Talos Low Carbon Solutions subsidiary to TotalEnergies E&P USA for $148 million, including the purchase price of $125 million plus customary reimbursements, adjustments and retention of cash.

The company said it may realize additional cash payments upon reaching certain milestones at the Harvest Bend or Coastal Bend projects along the US Gulf Coast or upon a subsequent sale of the projects by TotalEnergies.

The transaction had an effective date of Jan. 1 and will close later on Monday.

Talos said it expects to use proceeds from the sale to repay borrowings under its credit facility and for general corporate purposes.

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