Premier Oil in £24m North Sea disposal
NORTH Sea oil and gas heavyweight Premier Oil has sold a stake in the Esmond Transportation System pipeline in the area to private equity-backed CATS Management for up to £23.6 million.
The sale will allow London-based Premier to reduce the debts it has incurred investing in assets such as the giant Catcher field off Aberdeen. Premier acquired the interest in the pipeline with the North Sea portfolio it bought from E.ON for $120m in 2016. The pipeline does not serve any fields operated by Premier.
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