Travers Smith LLP has acted for Ancala Midstream Acquisitions Limited (“Ancala”), which has entered into an agreement with Apache Beryl I Limited (“Apache”) to acquire Apache’s 30.28 per cent interest in the Scottish Area Gas Evacuation system (“SAGE”) and its 60.56 per cent interest in the Beryl pipeline – both of which are located in the North Sea.
As part of the transaction Ancala has entered into an operating services agreement with Wood Group PSN Limited.
It is anticipated that the transaction will complete in 2017.
The Travers Smith team was led by corporate partner Spencer Summerfield with support from corporate associate Jonathan Walters. Commercial advice was provided by commercial partner Richard Brown, with support from associates Michael Cuthbertson, Richard Offord and Rowan Armstrong. Partner Doug Bryden and association Carl Boeuf advised on environment and operational regulation. Specialist tax advice was provided by tax partner Simon Yates and associate Maudie Leach. Employment advice was provided by partner and head of employment Tim Gilbert with support from associate Adam Wyman. Partner Dan Naylor and associate Laura Guthrie provided specialist advice on pensions.
Apache Beryl I Limited was advised by Bracewell.