BP has agreed to sell its stake in the Central Area Transmission System (CATS) business in the UK North Sea for £324m ($486m) to Antin Infrastructure Partners, which already owns a majority interest in the business.

BP, currently the operator of CATS, is selling its 36.22% share in the business, in which Antin has a stake of 62.78%, ConocoPhillips 0.66% and ENI 0.34%.

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A combination of pipeline and processing facilities, CATS transports and processes gas on behalf of most of the major gas producers in the North Sea.

"The North Sea is an important region for BP. 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."

The system includes a 404km long pipeline between the Everest field and a gas terminal at Seal Sands, Teesside in England.

The deal includes a payment of £302m ($453m) on completion of the deal, and a deferred amount of £22m ($33m), subject to certain post-closing adjustments.

BP North Sea regional president Trevor Garlick said: "The North Sea is an important region for BP. 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.

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"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."

Upon completion of the deal, the around 60 BP staff are expected to transfer to the new employer with contractual terms and conditions protected under UK TUPE regulations.

Subject to approvals, the company intends to complete the sale and transfer of operatorship before the end of the year.

Antin will appoint a contract operator as duty holder of the CATS pipeline and associated infrastructure, to operate the facilities on their behalf.