CapeOmega AS and the Norwegian Ministry of Energy have agreed the sale and acquisition of CapeOmega’s natural gas pipeline and terminal infrastructure portfolio.
Photo courtesy Gassco
The sales and purchase agreement, dated 01 November 2024, includes CapeOmega’s participating interests in the Gassled (26%), Polarled (28%), and Nyhamna (18%) JVs, as well as the Dunkerque Terminal DA (17%) and Zeepipe Terminal JV (13%). The transaction is anticipated to close by the end of the year.
The Norwegian State announced in the spring of 2023 their intention to acquire all privately owned participating interests of the natural gas pipeline and terminal networks on the Norwegian Continental Shelf (NCS).
Esther Peiner, Partner, Head of Private Infrastructure at Partners Group says: “We have been on a transformational journey with CapeOmega, and we are very proud of where the business stands today. Our value creation plan centred around moving CapeOmega towards energy transition infrastructure, while continuing to support security of supply. This remains evident with the remaining portfolio of LNG vessels. Under CapeOmega’s stewardship, the pipeline and terminal portfolio has provided significant value and will continue to do so with the Norwegian State as its owner.”
Evy Glørstad, CEO, CapeOmega says: “The transaction represents a watershed moment for CapeOmega, as we effectively exit the NCS – though we continue to build and optimise our growing LNG portfolio. Having just celebrated the company’s anniversary, the team is very proud of the significant value provided to our owners and the Norwegian taxpayers over the past ten years, and we look forward to further developments in the future.”
CapeOmega was established in 2014 in Bergen, Norway. The company became one of the most active M&A platforms in the country. CapeOmega was acquired in 2019 by Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, which has since led a transformation from a blended portfolio that included oil and gas production, to a pure infrastructure player, focused on the energy transition.
Making its first transactions in 2015, the company rose to become the largest private gas infrastructure owner on the NCS. Beyond pipelines and terminals, the company historically partnered in late-life production licenses and has more recently invested significantly in a fleet of newbuild LNG vessels. Thus, the transaction represents an exit of all offshore license-related activities on the NCS.
