BP has sold its operating stake in the Central Area Transmission System (CATS) in the UK North Sea to Antin Infrastructure Partners on Thursday for $486 million.
France-based Antin will acquire a 36.22 stake in CATS along with operatorship of the system from BP.
The agreement includes a payment on completion of $453 million and a deferred amount of $33 million subject to certain post-closing adjustments, BP said.
BP said about 60 employees will transfer to Antin as part of the deal.
The sale will not affect BP’s capacity rights in CATS.
“CATS has been a great business for BP but, aligned to the recommendations of the Wood Review, we believe securing this new owner will ensure a better long-term future for this key piece of North Sea infrastructure,” BP North Sea regional president Trevor Garlick said.
The sale is expected to close before the end of 2015.
Antin already holds a majority interest in CATS after buying BG Group’s 62.78 stake in the system for $954 million last year.
The CATS pipeline begins at a riser platform adjacent to the Everest gas field in the Central North Sea and transports gas about 250 miles to the CATS processing terminal in Teesside on the northeast coast of England.
The system transports about 8 percent of the UK’s gas demand and has more than 20 third-party customers.
ConocoPhillips holds a 0.66 percent stake in CATS and Italy’s Eni holds a 0.34 percent stake.