CDC and UBS Sell Stake in Gassled, Not Giving Up on Settlements
Posted on 10/31/2017
CapeOmega, a start-up exploration & production company backed by HitecVision that focuses on increasing value in mature oil and gas fields on the Norwegian Continental Shelf, acquired stakes in Njord Gas Infrastructure which owns positions in Gassled. UBS and France’s Caisse des Depots essentially sold their positions in Gassled to CapeOmega. CapeOmega’s share in Gassled will end up being 11%, the third largest shareholder in the network.
Institutional investors who acquired Gassled have been involved in a litigious affair over tariffs. UBS and Caisse des Depots have not wavered their rights and remain in line for any proceeds from a settlement in favor of the Gassled partners and continue to bear costs related to the ongoing litigation.
Keywords: UBS Group AG.