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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1058 sec (9 req/sec)