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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Jack W. Fisher Passes Away at 73

Jack W Fisher, president of JW Fishers Mfg. passed away at home after a brief illness on February 20, 2015. He was 73 years old.   The JW Fishers business was started because Fisher,

Piracy Still a Big Threat in the Indian Ocean

Underestimating the security risk in the Indian Ocean could put ships in danger once again, says maritime security company MAST Ltd.   “Whilst recent reports

St. Lawrence Seaway Opening Date Pushed Back

Tthe opening date for the St. Lawrence Seaway 2015 navigation season has been delayed following review and consideration of factors and conditions affecting safe

Contracts

More MERUS Rings for MS Rotterdam

Pronomar has installed two additional MERUS rings on board Holland America Line’s MS Rotterdam, this time in the wellness area for the steam generators.   The

Royal IHC Merges Four Units into IHC IQIP

Royal IHC (IHC) has integrated four of its business units – IHC Hydrohammer, IHC Handling Systems, IHC Sea Steel and IHC Fundex Equipment – into one new organization,

Statoil: Johan Castberg, Snorre 2040 Timelines Changed

The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio,

Offshore

New Floating Installation Concept for Offshore Wind

Conquest Offshore, together with deugro Denmark A/S, has developed an installation system for monopiles and transition pieces, supported by Temporary Works Design (TWD) and Barge Master.

Royal IHC Merges Four Units into IHC IQIP

Royal IHC (IHC) has integrated four of its business units – IHC Hydrohammer, IHC Handling Systems, IHC Sea Steel and IHC Fundex Equipment – into one new organization,

Statoil: Johan Castberg, Snorre 2040 Timelines Changed

The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio,

Finance

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

Drop in Cocoa Bean Size Worries Ivorian Exporters

Dry weather in top cocoa grower Ivory Coast has caused a sharp drop in bean size and will delay the start of the April-to-September mid-crop by nearly two months,

Wärtsilä, CME Offer ‘Scrubber Finance’

Funding concept promotes installation of scrubber systems by offering financing to shipowners, with returns taken from fuel price spread   In a move intended

Energy

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

EU to Deliver Climate Pledge to UN

EU ministers agreed on Friday to send their formal promise on how much they will cut greenhouse gas emissions to the United Nations ahead of climate change talks starting in November.

New Floating Installation Concept for Offshore Wind

Conquest Offshore, together with deugro Denmark A/S, has developed an installation system for monopiles and transition pieces, supported by Temporary Works Design (TWD) and Barge Master.

Offshore Energy

New Floating Installation Concept for Offshore Wind

Conquest Offshore, together with deugro Denmark A/S, has developed an installation system for monopiles and transition pieces, supported by Temporary Works Design (TWD) and Barge Master.

Royal IHC Merges Four Units into IHC IQIP

Royal IHC (IHC) has integrated four of its business units – IHC Hydrohammer, IHC Handling Systems, IHC Sea Steel and IHC Fundex Equipment – into one new organization,

CTruk OWSV Enhanced with Volvo IPS

Since the launch of its first-of-class CTruk MPC22 late last year, the East Anglia-based workboat designer and builder informs it has incorporated performance feedback

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Repair
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: 3.6593 sec (0 req/sec)