Teekay Announces Public Offering

By Michelle Howard
Friday, July 18, 2014

Teekay LNG Partners L.P. has announced  that it has agreed to sell 2,800,000 common units, which represent limited partner interests, in a public offering.

Teekay LNG has granted the underwriters a 30-day option to purchase up to an additional 420,000 common units. The Partnership expects to use the proceeds to fund the equity portion of its first installment payment of approximately $95 million for six newbuilding liquefied natural gas (LNG) carriers ordered by the Partnership's 50/50 joint venture with China LNG Shipping (Holdings) Limited for the Yamal LNG Project and to fund a portion of five M-type, Electronically Controlled, Gas Injection (or MEGI) newbuildings. Pending application of the proceeds toward its MEGI newbuildings, the Partnership will temporarily reduce indebtedness under one of its revolving credit facilities which is available for general partnership purposes.


Teekay LNG is a publicly-traded master limited partnership formed by Teekay Corporation as part of its strategy to expand its operations in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors.

 

Teekay LNG provides LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate time-charter contracts with major energy and utility companies through its fleet, excluding newbuildings, of 29 LNG carriers, 20 LPG carriers, including four chartered- in LPG carriers, 8 Suezmax-class crude oil tankers and one Handymax product tanker. The Partnership's interests in these vessels, excluding the four chartered-in LPG carriers, range from 33 to 100 percent.

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Norsafe Secures Contract with VARD Group

Norsafe informs it has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of 15 new vessels.    Topaz Energy

NASSCO Wins Six Ship U.S. Navy Contract

General Dynamics NASSCO, a subsidiary of General Dynamics (NYSE: GD), won a contract by the U.S. Navy for the detailed design and construction of the next generation of fleet oilers,

Austal Stops Shares Trading

Review of U.S. Ops Reportedly Underway The West Australian reported that Austal halted its shares from trading, and reportedly is in the process of reviewing its U.

Finance

Baltic Index Rises on Increased Demand Across Segments

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday on higher demand across all vessel segments.

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

News

Norsafe Secures Contract with VARD Group

Norsafe informs it has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of 15 new vessels.    Topaz Energy

Enclosed Space Safety Rule Enters into Force

A new regulation aimed at protecting seafarers who need to enter enclosed spaces, by requiring ships to carry portable atmosphere testing equipment on board, enters into force on July 1, 2016.

IOMAXIS Awarded $245 Mln Contract to Support NRL

Contract will allow IOMAXIS to provide research, development and technical support to initiatives at the Naval Research Lab   IOMAXIS, provider of technologies

Vessels

Fincantieri Delivers Seven Seas Explorer

The first of two ultra luxury cruise ships delivered for Regent Seven Seas Cruises   Seven Seas Explorer, the newest ultra luxury ship of Regent Seven Seas Cruises,

Solstad CSV Gets Propulsion Overhaul at Gibdock

Gibraltar’s Gibdock shipyard has completed its scope of work on Solstad Shipping’s Normand Cutter, a 127-meter-long, 10,979grt construction support vessel (CSV)

Damen Signs MOU with Sydney City Marine

Damen Shipyards Group and Sydney City Marine have signed a Memorandum of Understanding (MOU) outlining the future cooperation of the two companies concerning the

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1302 sec (8 req/sec)