Osprey Maritime To Sell LNG Operations For $635 Million

Tuesday, May 29, 2001
Singapore's Osprey Maritime said on Monday it agreed to sell its liquefied natural gas (LNG) operations to new subsidiary Golar LNG for US$635 million as part of a restructuring exercise.

The marine and chartering services provider said in a statement the disposal was in line with the proposal by World Shipholding Ltd, its controlling shareholder, to reorganize and consolidate all of its LNG interests into Golar LNG.

Osprey said this was being done "with the view to a possible flotation of (Golar) in Norway and the United States or such other means of strengthening the capital base of the LNG operations."

The sale also gives Osprey the opportunity to restructure its LNG assets and to repay existing debts.

World Shipholding, a global energy transport giant controlled by Norwegian shipping magnate John Fredricksen, took over Osprey late last year. Osprey shares were de-listed from the Singapore Exchange on May 15.

Golar, a gas transport venture set up by Fredriksen this month, raised $280 million in a private placement to fund the acquisition of six LNG carriers from Osprey and provide downpayments for other tankers.

Osprey said there would be no material financial impact from the disposal of the LNG business on its issued and paid-up share capital or on the net tangible assets, net gearing ratio and earnings per share of the group.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Substantial Demand Underscores Need for TIGER Grants

U.S. Transportation Secretary Anthony Foxx has announced that applications to the U.S. Department of Transportation for its seventh round of Transportation Investment

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

Intelsat Records $598 mln Q2 Revenue

Satellite services provider Intelsat S.A. has reported total revenue of $598.1 million and net income attributable to Intelsat S.A. of $60.2 million, or $0.47 per common share on a diluted basis,

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1110 sec (9 req/sec)