3i Infrastructure buys Tampnet stake – 3i Infrastructure will invest approximately EUR220 million for the acquisition of a stake in Tampnet AS, the leading independent offshore telecoms network operator in the North Sea and the Gulf of Mexico. 3i Infrastructure is investing in a consortium with Danish pension fund ATP, with each party acquiring up to 50% of Tampnet. The investment adviser, 3i Investments plc, will manage the investment on behalf of the consortium. The Tampnet management team will also invest to acquire a minority shareholding. Completion is subject to regulatory approvals in Europe and the USA.
About Tampnet
Founded by Equinor (formerly known as Statoil) in 2001, Tampnet provides high speed, low latency and resilient data connectivity offshore through a comprehensive network of fibre optic cables, 4G base stations, and microwave links. It operates across four main business areas: fixed installations, mobile rigs and vessels, roaming for offshore workers and international carriers. The majority of its business involves providing fixed fibre links to oil platforms. Tampnet’s fibre optic links provide oil producers with mission-critical reliable communications in an often hostile environment.
Tampnet generates c.85% of its business in the North Sea and c.15% in the Gulf of Mexico, and serves more than 50 customers including oil and gas operators, offshore service providers and telecom operators. Tampnet also has the opportunity to grow into new segments such as offshore wind, commercial vessels and the point-to-point carrier segment.
Richard Laing, chairman of 3i Infrastructure, commented: “Tampnet is the company’s first investment in fibre telecoms infrastructure and provides further geographical diversity through its operations in the Gulf of Mexico. The investment offers a good yield profile as well as strong near-term growth prospects. It is an attractive addition to the portfolio.”
Phil White, managing partner and head of infrastructure at 3i Investments plc, added: “As operators adopt more advanced technologies and utilise IT applications more intensively to improve efficiency and extend hydrocarbon field lives, the low latency, high bandwidth of fibre becomes even more essential. We look forward to working with Tampnet’s experienced and high quality management team to support the future growth of this business.”
3IN : 3i Infrastructure buys Tampnet stake