The energy company Gasum has reached an agreement with North Sea Midstream Partners on the divestment of the Risavika LNG liquefaction plant while continuing under a long-term contract as a major off-taker of the LNG and LBG produced. The transaction is in line with Gasum’s growth strategy and the evolving LNG market.
“Gasum have concluded that owning this type of upstream LNG liquefaction asset is no longer in the core of our strategy. However, the long-term tolling contract ensures that we will continue to deliver liquefied natural gas (LNG) and liquefied biogas (LBG) to our customers from the Risavika plant in the future as well. The divestment of Risavika will enable us to optimize our capital allocation to speed up the execution of our growth strategy and to expand the Nordic gas market,” says Gasum’s Interim CEO Kai Laitinen.
North Sea Midstream Partners (NSMP) is a leading independent midstream company with large scale gas infrastructure assets serving the North Sea.
“This acquisition is a strategic step for NSMP. The Risavika Liquefaction Plant is an attractive addition and a geographic expansion for NSMP which diversifies our portfolio and extends our platform for growth. We are looking forward to building a long-term partnership with Gasum who will remain a major customer of the Risavika liquefaction plant under a long-term contract. We will be working closely with Gasum, and the Risavika staff to ensure a safe transition of operations,” adds Andy Heppel, CEO North Sea Midstream Partners.
The contract between Gasum and North Sea Midstream Partners was signed on November 1st, 2021. The transaction is expected to be closed by mid November 2021. As a part of the transaction, Gasum will remain a major off-taker of the LNG and LBG produced at Risavika under a long-term contract. The separate bunkering solution, serving maritime customers, is not included in the transaction scope.
Both parties have agreed not to disclose the transaction price.
