Premier Oil to sell North Sea pipeline stake to CATS
(Reuters) — Premier Oil Plc will sell its 30% stake in a North Sea pipeline to UK gas infrastructure company CATS Management Ltd for up to 23.6 MM pounds ($31.68 MM), it said on Monday.
The Esmond Transportation System (ETS) pipeline, currently operated by Perenco UK Limited transports gas from Esmond Area fields to the Bacton gas terminal on the North Sea coast in Norfolk.
CATS will make an initial upfront payment of 21 MM pounds payable on deal completion, which is currently expected in the first half of 2018.
It will pay up to 2.6 MM pounds more if milestones related to development of the Pegasus field are achieved, London-listed Premier company said.
Premier said it would use the proceeds to pay down debt. Its net debt stood at $2.8 B as of Sept. 30.
Perenco and Centrica Plc have also entered into separate agreements to sell their interests in the pipeline to CATS, Premier said.
CATS is owned by Antin Infrastructure Partners.
Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely
- Gasum powers Equinor's platform supply vessel with bio-LNG
- ADNOC deploys pioneering AI-enabled process optimization technology
- Mexico Pacific announces long-term LNG SPA with POSCO International
- ONEOK to acquire Medallion and controlling interest in EnLink for $5.9 B
- Golar LNG signs EPC deal for $2.2-B MK II FLNG conversion project
- ONEOK to acquire Medallion and controlling interest in EnLink for $5.9 B
- Picarro launches handheld solution for natural gas leak investigation and closed-loop leak management
- Fincantieri LNG-powered Star Princess launched in Monfalcone
- Oman plans third LNG train, boosting domestic production to more than 15 MMtpy
- Brazil's fossil push undermines Lula's green ambitions
Comments