Antin Infrastructure Partners buys BP’s interest in CATS

Antin Infrastructure Partners SAS, Paris, has agreed to acquire BP PLC’s Central Area Transmission System (CATS) business in the UK North Sea for $486 million. The deal is expected to close before yearend.

BP currently operates CATS with 36.22% interest. Last year, Antin acquired BG Group’s 62.78% interest in CATS for total proceeds of $961 million (OGJ Online, July 11, 2014). Other partners in the project are ConocoPhillips with 0.66% interest and Eni SPA with 0.34% interest.

Antin will take BP’s portion of CATS as a fully operational business, including the transfer of existing staff. The agreement comprises a payment on completion of $453 million and a deferred amount of $33 million.

CATS consists of a fixed-riser platform linked to the Everest oil and gas platform, a 404-km, 1.7-bscfd capacity subsea pipeline, and a two-train, 1.2-bscfd capacity onshore gas processing terminal at Teesside.

“CATS has been a great business for BP but, aligned to the recommendations of the Wood Review (OGJ Online, Feb. 24, 2014), we believe securing this new owner will ensure a better long-term future for this key piece of North Sea infrastructure,” commented Trevor Garlick, regional president of BP North Sea.

The sale does not impact BP’s rights to capacity in CATS.

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