LNG Company To Be Listed

Friday, May 18, 2001
Norwegian shipping magnate John Fredriksen's Liquefied Natural Gas (LNG) transport company Golar LNG said on Friday it raised $280 million in a private placement and planned to list in Oslo and later this year in New York. The company, which will become the first pure LNG transport company to be listed, said it had issued 56 million shares at $5 each in the placement and that Fredriksen had taken a 50 percent stake in the firm. "We sold 140 (million dollars worth) externally and John took 140 (million dollars worth)," Golar LNG director Tor Olav Troim said. Oslo investment banks Fearnleys and Orkla managed the placement of the 28 million shares with private investors. "Golar LNG will be traded OTC (over-the-counter) in about a week and will go to the Oslo stock exchange in about three weeks time," Fearnleys partner Harald Moreus Hanssen said. "The company has stated a clear intention to follow up with a New York listing this autumn," he added. "They plan to have two very active listings with full liquidity. The proceeds of the IPO will be used to buy the LNG shipping assets of one of John Fredriksen's existing tanker companies, Osprey Maritime. Osprey Maritime owns six highly prized tankers for transporting LNG -- natural gas which is deep frozen until it liquefies at a tiny fraction of its gaseous volume for shipping to terminals where it is re-gasified. Fredriksen acquired the tankers earlier this year, having bought out the U.K.'s Barclay Brothers and Indonesia's Suharto family to take control of Osprey Maritime. Since acquiring Osprey, Fredriksen has stripped out several old crude tankers and 12 petroleum products tankers from the fleet and rebranded the company to make it more attractive. Besides the six LNG tankers, Golar has options to build four more similar vessels at yards in South Korea. This would take the total value of the company to $1 billion, according to Freshly Minted, the newsletter of shipping finance consultancy Marine Money Capital Partners (MMCP). Nicolai Heidenreich of MMCP suggested that the money raised in the Oslo listing might also go towards firming up the four options at the South Korean shipyards prior to the New York listing. Four of Fredriksen's LNG tankers are tied into long-term contracts with BG Group, which recently announced it had tied up all spare capacity atCS Energy's Lake Charles, La., facility, one of only two functioning import terminals serving booming U.S. energy markets.

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

Legal

Safety and Preparation on the Brownwater Radar

Weather Channel Forecasters are predicting a “near-average” hurricane season for 2016, but warn that an average season does not mean businesses and residents shouldn’t prepare for the worst.

China, Russia Navies to hold S. China Sea Drills

China and Russia will hold "routine" naval drills in the South China Sea in September, China's defence ministry spokesman Yang Yujun told a news conference on Thursday.

Damen Presents Decommissioning Vessels Concept

Damen Shipyards Group has announced its latest concept design: the Damen Decommissioning Series. The vessel will specialize in three core areas of the oil and gas

Finance

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships

Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.0744 sec (13 req/sec)