CML pumps £135m into infrastructure for Premier Oil's North Sea gas field

 
Courtney Goldsmith
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CML and Dana will build the infrastructure at the North Sea field (Source: Getty)

Gas infrastructure firm Cats Management Limited (CML) has revealed it will invest £135m to build the infrastructure for Premier Oil’s Tolmount gas field in the North Sea.

CML, which is owned by Antin Infrastructure Partners, and Dana Petroleum signed an agreement with Premier to jointly build and own the Tolmount platform and export pipeline in equal shares, CML said in a statement.

The field is expected to come onstream before the end of 2020.

The companies will also undertake the onshore modifications at the Dimlington terminal that are required to enable Tolmount gas to be received and processed.

Premier Oil first announced the deal last month.

The company said it would pay CML and Dana a yearly usage fee.

The deal has allowed Premier Oil to lower its own cost for the Tolmount project by $175m (£130m).

Shares in Premier Oil closed up 5.24 per cent at 65.25p.

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