EnQuest became the operator of another North Sea field and a major oil terminal today.

The company confirmed it had completed its deal with BP for a 25% stake in the Magnus oil field and 3% of the Sullom Voe Oil terminal in Shetland.

More than 300 employees transferred to EnQuest from BP today to manage the assets.

EnQuest also said planned to drill three wells on Magnus next year.

The London-listed EnQuest first announced the acquisition in January.

Closure of the deal means it is now operator of the assets.

The package also included stakes in the Northern Leg Gas Pipeline and Ninian Pipeline System.

The £60million ($85million) transaction fee will be paid from the cash flow generated by the assets.