BG Group has agreed to sale its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea along with associated infrastructure to Antin Infrastructure Partners SAS, Paris, for total proceeds of as much as $954 million.
According to the deal, which is expected to close in this year’s second half, BG will sell 62.78% interest in CATS for a consideration of $888 million on completion of the transaction and a deferred amount of $66 million. BG says the sale does not impact the company’s rights to capacity in CATS.
CATS is comprised 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.