ATP Innovator: GE buys 49% for $150 million.
GE takes slice of ATP Innovator
GE Energy Financial Services, a unit of conglomerate General Electric, will spend $150 million to buy about half of the ATP Innovator floating oil and gas production unit in the deep-water US Gulf of Mexico.
Houston-based ATP Oil & Gas will continue to operate the unit after GE takes its 49% limited partnership stake.
The ATP Innovator processes up to 20,000 barrels of oil per day and 100 million cubic feet per day of natural gas. The unit has been in operation since March 2006 and produces ATP reserves.
The partnership plans to process additional reserves from a third party producer by 2010.
ATP purchased and converted the unit from a drilling semi-submersible rig into a floating production facility in 2005.
Goldman, Sachs & Co. and SMH Capital Inc. acted as financial advisors to ATP in connection with the transaction.