CML to Acquire 65% Interest in Esmond Transportation System
CATS Management Limited (CML), an Antin Infrastructure Partners (Antin) portfolio company, has agreed to acquire a 65 percent interest in the Esmond Transportation System (ETS).
The company entered into three sale and purchase agreements with Premier Oil plc (30 percent), Centrica plc (25 percent) and Perenco UK Limited (10 percent). On completion of the acquisitions, CML will become the operator of the ETS.
CML has stated that it will maintain the existing arrangement whereby Perenco operates the pipeline on its behalf in its capacity as operator of the Trent platform.
The ETS comprises a 165 kilometre pipeline that transports gas from fields in the Southern North Sea to the Bacton gas terminal on the North Sea coast in North Norfolk. The pipeline is currently operated by Perenco, as operator of the Trent and Tyne fields.
“We are delighted to have reached agreement on ETS. Growing our business in the Southern North Sea allows us to diversify our asset portfolio through exposure to an entirely new catchment area with different business dynamics, and to acquire infrastructure that has the characteristics we value,” Andy Hessell, managing director of CML, said in a company statement.
“Investment in both established and new infrastructure is key to maximising economic recovery and realising the considerable potential of the UK Continental Shelf. We look forward to continuing to collaborate closely with our partners and customers to facilitate and encourage further investment which will support the long-term sustainability of the North Sea,” he added.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.