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

Finance

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Some Roads Reopened in Brazil, Truck Strike Persists

Striking truckers lifted their blockade of dozens of highways in Brazil after police began fining and arresting protesters, though strike organizers said they had

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1566 sec (6 req/sec)