North Sea Infrastructure AS (NSI) is pleased to announce that it has entered into a sale and purchase agreement with ExxonMobil Norway Upstream Holdings Inc (ExxonMobil) for purchase of ExxonMobils’s 10% participating interest in Vestprosess DA, based on an all cash transaction.

The transaction takes effect from 01.01.2020 and is subject to customary Norwegian authority approvals.

NSI is a Norwegian based company, whose strategy is to develop a portfolio of midstream assets related to the Norwegian Continental Shelf.

Upon completion of this transaction NSI will hold a total participating interest in Vestprosess DA of 23% – along with its existing participating interest in Nyhamna JV of 13,7%.

Peder Sortland, CEO of NSI states: “We are pleased to announce another transaction which builds our portfolio of Norwegian gas infrastructure assets in accordance with our strategy. At closing of this transaction, NSI will be the largest owner in Vestprosess behind Equinor and Petoro.”