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BG Group considers $1.7 bln North Sea operations sale -The Times
July 24, 2014 / 1:50 AM / 3 years ago

BG Group considers $1.7 bln North Sea operations sale -The Times

July 24 (Reuters) - Britain’s BG Group is considering selling its largest operations in the North Sea for about 1 billion pounds ($1.70 billion), The Times reported on Thursday.

BG Group appointed Rothschild to advise on a restructuring in a move that could result in the sale of its Armada, Everest and Lomond platforms, according to the newspaper, which cited unnamed sources. (thetim.es/1x3xwmP)

One of the market sources told The Times that the FTSE-100 company is in “disposal mode in the North Sea” as it tries to improve the performance of its portfolio. BG Group announced a portfolio review to beef up its finances last year.

“We do not respond to rumour and speculation. BG Group has been clear that we plan to take a more active approach to managing our assets,” BG Group spokesman told the Times. “No asset is sacrosanct,” she added.

BG Group and Rothschild could not be reached for a comment outside of normal business hours.

Last month, the group sold a majority stake in one of Europe’s biggest gas pipelines to Antin Infrastructure Partners for nearly $1 billion. ($1 = 0.5871 British Pounds) (Reporting by Aashika Jain in Bangalore; Editing by Ken Wills)

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