Enterprise’s offshore assets include approximately 2,350 miles of offshore crude oil and natural gas pipelines and six offshore hub platforms.

With the acquisition, Genesis will own an additional 36% stake in the Poseidon oil pipeline system, and 50% stakes in the Southeast Keathley Canyon (Sekco) oil pipeline system and the Cameron Highway oil pipeline system (Chops), which it does not already own.

The company currently holds 28% in Poseidon, and 50% each in Sekco and Chops.

The transaction is scheduled to be completed in the third quarter.

Genesis Energy expects the transaction to provide additional opportunities to develop organic growth projects in its offshore pipeline segment.

Genesis CEO Grant Sims said: "These offshore assets will substantially enlarge our portfolio of strategic infrastructure in the Gulf of Mexico, which is one of the most prolific producing regions in the US."

The transaction proceeds will be used by Enterprise to extend and expand its integrated midstream system.

Enterprise general partner CEO Michael Creel said: "In addition to enhancing our overall financial flexibility, the proceeds from this sale will effectively provide funds to finance the first installment of our recent acquisition of EFS Midstream in the Eagle Ford and, furthermore, eliminates our need for equity capital for the remainder of 2015 based on our current expectations."