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 Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Unplanned Encounters Discussed at Navy CNO's China Meeting

Chief of Naval Operations (CNO) Adm. Jonathan Greenert has left the People's Republic of China (PRC) after a successful four-day counterpart visit with military leaders,

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Contracts

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Panama Canal: New Lock Gates Transferred to Atlantic Side

ACP informs that the Panama Canal Expansion has reached another important milestone with the transfer of the first gates to the new locks complex in the Atlantic side.

McDermott Awarded Megalodon Platform Installation

McDermott International, Inc. announced today that one of its subsidiaries was awarded a contract to provide transportation and installation services to Walter

Offshore

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

NJ Congressmen Supports Offshore Wind Proposal

Congressman Frank Pallone has issued the following statement in response to the Department of the Interior’s announcement of the proposed lease sale for nearly 344,

Sembawang Shipyard to Convert 2 FPSOs for Kaombo Project, Angola

Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage Production Offloading (FPSO) conversion contract worth about S$600 million from Saipem SA,

Finance

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

Energy

NJ Congressmen Supports Offshore Wind Proposal

Congressman Frank Pallone has issued the following statement in response to the Department of the Interior’s announcement of the proposed lease sale for nearly 344,

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

Flirting with Default, Argentina Enjoys Oil Drilling Boom

Holders of Argentina's  defaulted debt and their supporters have warned the country risks being frozen out from international capital markets unless it finds

Offshore Energy

NJ Congressmen Supports Offshore Wind Proposal

Congressman Frank Pallone has issued the following statement in response to the Department of the Interior’s announcement of the proposed lease sale for nearly 344,

Sembawang Shipyard to Convert 2 FPSOs for Kaombo Project, Angola

Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage Production Offloading (FPSO) conversion contract worth about S$600 million from Saipem SA,

ICBC Financial Leasing Purchase 2 CIMC Raffles Drilling Rigs

ICBC Financial Leasing Company Limited signed a leasing project with Schahin of two ultra-deepwater drilling rigs during China-Brazil Business Council-Annual Meeting 2014 on 17th July 2014.

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1845 sec (5 req/sec)