Kinetica Partners LLC and TransCanada Corp. (NYSE: TRP) have entered into a purchase and sale agreement to sell TransCanada's TC Offshore LLC assets to Kinetica. Terms of the deal were not disclosed.
The sale includes 535 miles (860 kilometers) of natural gas gathering and transmission pipeline, seven offshore platforms, and other facilities.
Diane Sweeney Dundee, president and COO for Kinetica Partners, said, "The connections and additional geographic reach provided by TC Offshore LLC's assets will provide Kinetica's customers with options for bringing their production onshore and accessing the interstate natural gas transmission grid. This transaction is instrumental to Kinetica's goal of reaching into the deepwater Gulf of Mexico and marketing our services to producers and operators in those areas."
The sale is expected to become final in the first quarter of 2016.