On Dec. 23, energy-focused private-equity and infrastructure investment firm First Reserve said it acquired Navigator Energy Services LLC with an equity commitment of up to $250 million.
Navigator will continue developing the Big Spring Gateway system.
Construction on Big Spring is scheduled for 2015’s first quarter, and it will supply crude oil gathering and transportation to the Midland Basin’s core, the firm added. Navigator is expected to create up to 250 miles of gathering pipeline and 140 miles of transportation mainline.
Navigator’s management team has a combined total of more than 90 years’ experience in energy. John O'Shea will be CEO; he is currently the managing director of Tenaska Capital Management, First Reserve said.
"We are privileged to partner with First Reserve who will provide the necessary financial and development resources to assist us in getting BSGS operational during the second half of 2015," O’Shea said.
"The relationships that we have developed with the area marketers and producers as we have developed this project are outstanding, and we are very pleased with the market optionality that we can provide operators. We view this new relationship with First Reserve as critical to our long-term success and look forward to continuing to expand our system size, scope and number of service offerings," said Matt Vining, Navigator’s vice president and chief commercial officer.
First Reserve is based in Greenwich, Conn.
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