EnQuest PLC (LSE:ENQ) entered into an agreement to acquire 25% stake in Magnus field, 3% stake in Sullom Voe Terminal, 9% stake in Northern Leg Gas Pipeline and 3.8% stake in Ninian Pipeline System from BP Exploration Operating Co. Ltd. and BP p.l.c. (LSE:BP.) for $85 million on January 24, 2017. The consideration is subject to working capital and other adjustments.

Under the terms of the agreement, EnQuest has an option to purchase BP's remaining 75% interest in Magnus, a further 9% interest in SVT and the remainder of BP's interests in the associated pipelines for a consideration of $300 million. The deal is subject to regulatory approvals, consents from Secretary of State and other third party approvals. The transition for the change in operatorship is anticipated to take between 6 and 12 months.

Martin Robinson and Martin Pengelley of Tulchan Communications acted as PR advisors in the deal. CMS Cameron McKenna actede as legal advisor to BP p.l.c. Ian Herbert, Frances Reilly, Jonathan Woolf, Tom Mallalieu of CMS Cameron McKenna actede as legal advisor to BP p.l.c