Asset Buyout Partners (ABP) has entered into a definitive agreement to acquire Mongstad Group from EQT Infrastructure II.
The parties have agreed not to disclose the transaction value.
Mongstad Group is an owner of infrastructure and real estate and a landlord to high-activity oil and gas supply bases located at the Norwegian ports of Mongstad and Dusavik, supporting about 30 oil and gas fields in the North Sea. The transaction comprises approximately 13 million square feet of land and infrastructure, including piping for bulk supply, 1.3 million square feet of industrial facilities specialized for oil and gas supply base activities, and 2,600 feet of quays. In addition, there is a combined 1.2 million square feet of zoned, undeveloped land that provides expansion opportunities for existing as well as new customers.
Mongstad and Dusavik are hubs for Statoil’s activities in the North Sea and Statoil is the main tenant. Other major tenants include CCB Mongstad, PSW Technology, WellConnection, NOV, Halliburton, North Atlantic Drilling, Archer, GE Oil & Gas, Schlumberger, Halliburton, and others, with the majority on long-term lease contracts. CCB Mongstad also sublets to about 30 subtenants that include major industry names such as Aibel, Baker Hughes, Bilfinger, COSL, Halliburton, KCA Deutag, Songa, Odfjell Drilling, Schlumberger, Wintershall, NOFO and SAR.
Going forward, ABP will continue to grow by investing in mission-critical oil and gas real estate and infrastructure, leveraging the company’s considerable re-investment capacity.
