Third Coast picks up stake in offshore platform Perdido from ArcLight

• Perdido is operated by Shell Offshore Inc
• BofA Securities acted as financial advisor to Third Coast while RBC Capital Markets was financial advisor to ArcLight
• ArcLight invests in the middle market

Third Coast has acquired a stake in Perdido, an offshore Gulf of Mexico platform, from ArcLight Capital Partners. No financial terms were disclosed.

Perdido is operated by Shell Offshore, Inc.

“Since our acquisition of the Perdido interest in 2018, we’ve been extremely pleased with the asset and the critical role it plays in the western GOM,” said Joe Alves, a managing direct at ArcLight in a statement. “As a leading infrastructure operator in the Gulf, we see Third Coast is the natural owner of the Perdido interests, complementing its interests in the Delta House and King’s Quay FPS platforms. We are excited for the opportunities this transaction unlocks for Third Coast.”

BofA Securities acted as financial advisor to Third Coast in connection with the transaction, and Milbank LLP acted as legal counsel to Third Coast. ArcLight’s financial advisor in connection with the transaction was RBC Capital Markets, and Latham & Watkins was ArcLight’s legal counsel.

ArcLight invests in the middle market. Founded in 2001, ArcLight invests in infrastructure.

Headquartered in Houston, Texas, Third Coast is a full-service midstream company.