Opti Canada Inc (OPC.TO), under financial pressure due to lower-than-expected oil sands output, said on Tuesday it hired a new financial adviser to assist in a search for strategic options, which include asset sales or finding a buyer for the company. Debt-heavy Opti, which has a minority stake in Nexen Inc's (NXY.TO) Long Lake oil sands project, said Lazard Freres & Co LLC will help Scotia Waterous Inc and TD Securities Inc. They have been working on strategic options since 2009. "Lazard will supplement the strategic review by providing advice on capital structure alternatives to address the company's overall leverage position," it said in a statement.
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