CATS Pipeline & Infrastructure Sold for $954m

Posted by Gabby DelGatto
Tuesday, June 17, 2014
BG Group

BG Group agreed to the sale of its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners for total proceeds up to $954 million.
Under the agreement, BG Group will sell its 62.78% interest in CATS for a consideration comprising $888 million on completion of the transaction and a deferred amount of $66 million.

The sale does not impact BG Group's rights to capacity in CATS.
 

CATS comprises a fixed-riser platform linked to the Everest oil and gas platform, a 404-kilometre, 1 700 million-standard-cubic-feet-of-gas-per-day (mmscfd) capacity subsea pipeline and a two-train onshore gas processing terminal at Teesside which has capacity of 1 200 mmscfd.
It is anticipated the transaction will close in the second half of 2014.
 

The sale of CATS is expected, on completion, to create a post-tax profit on disposal of approximately $700 million. This may be partly offset by a potential impairment of BG Group's associated UK North Sea assets following the categorisation of the Group's interest in CATS as held for sale in the second quarter.
The sale of the CATS interest is in line with BG Group's strategy to actively manage its asset portfolio and deliver value to shareholders.





 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

New Zealand: Maritime Trade is Key

Globally, shipping is on the rise – already 80-90 percent of the world’s trade is by ship; that is more than 12 billion metric tons of goods annually, shipped by 1.

Contracts

Baltic Index up for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday, for a third straight session, on rising demand across all vessel segments.

Asia Tankers-VLCC Rates to Climb Slowly

Around 47 MidEast charters fixed for July loading so far; older tonnage and new vessels a drag on freight rates. Freight rates for very large crude carriers

BIMCO Launches New Standard Agreements for Novation of Shipping Contracts

BIMCO has published three standard novation agreements that provide a legal framework to change one of the original parties to a contract.   Two of the agreements

Offshore

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Subsea 7 Announces PLSV Swap off Brazil

Subsea 7 S.A. said it has reached an agreement with Petrobras to substitute a pipelay support vessel (PLSV) working off Brazil.   The agreement will see the Subsea-7-owned

FPSOs Sit Unprecedentedly Idle

While the oil and gas markets are starting to come to life, nearing the $50 per barrel mark, the future fate of floating production remains a mystery   The 20

Finance

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

Energy

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

Offshore Energy

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Ulstein Delivers for BS Offshore

The first of two service operation vessels (SOV) ordered in 2015 by Bernhard Schulte Offshore (BS Offshore) and its client Siemens from Ulstein Verft in is now completed,

FPSOs Sit Unprecedentedly Idle

While the oil and gas markets are starting to come to life, nearing the $50 per barrel mark, the future fate of floating production remains a mystery   The 20

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1689 sec (6 req/sec)