Private-equity firm HitecVision AS has agreed to acquire 100% of the shares in Solveig Gas Norway AS, the second largest owner of Norway's offshore gas pipeline system, the company said April 2.
Solveig Gas owns 25.6% in the Gassled joint venture, which owns a majority of offshore pipelines that transport natural gas from the Norwegian Continental Shelf to customers in Europe.
HitecVision said the owners of Solveig Gas—Canada Pension Plan Investment Board, Infinity Investments SA (a wholly-owned subsidiary of the Abu Dhabi Investment Authority) and Allianz Capital Partners—have agreed to sell their stakes to a portfolio company of HitecVision.
The transaction has an effective date of Jan. 1, and is pending government and competition authority approvals.
HitecVision did not give the deal's value.
Norway's state-owned Petoro AS is the largest owner in Gassled with a 46.7% stake.
Governor Greg Abbott directed Texas natural gas providers not to ship outside the state until Feb. 21 and asked the state energy regulator to enforce his export ban.
Concern about how U.S. President Joe Biden’s administration will handle the Dakota Access Pipeline (DAPL), which can transport more than 550,000 bbl/d out of the Bakken, is boosting prices.
The deal, which will generate cash flow from previously stranded gas wells, is yet another example of how Edge LNG is delivering value to operators by monetizing wells that would otherwise remain dormant, CEO Mark Casaday says.