Under the terms of the agreement, Antin Infrastructure Partners will acquire the BP-operated CATS by paying £302m ($453m) and a deferred amount of £22m ($33m), subject to certain post-closing adjustments.
The sale and transfer of the operatorship are scheduled to be completed before the end of this year, subject to the receipt of regulatory and other third party approvals.
The CATS project includes a riser platform located adjacent to the Everest platform in block 22/10; a 404km-long pipeline from the riser platform to the gas terminal; and a gas terminal at Seal Sands, Teesside.
BP North Sea regional president Trevor Garlick said: "Our strategy here is to focus our resources and investment to create an efficient, sustainable and competitive business which will contribute to UK energy security for many years to come.
"Key elements of this are the completion of our major projects in the central North Sea and Shetland area, and continued management of our portfolio.
"CATS has been a great business for BP but, aligned to the recommendations of the Wood Review, we believe securing this new owner will ensure a better long-term future for this key piece of North Sea infrastructure.
"Supporting staff and ensuring continued safe operations will be our priority as we go through this transition period."
BP operates the CATS business with 36.22% while other partners include Antin Infrastructure Partners (62.78%), ConocoPhillips (0.66%) and ENI (0.34%).
