Maersk Sells LNG Fleet

Press Release
Wednesday, February 29, 2012
Maersk LNG Carrier: Photo credit Maersk

Sale of Maersk LNG Fleet finalised

The sale of all shares in Maersk LNG to Malt LNG Holdings ApS, a company jointly owned by Teekay LNG Operating LLC and Marubeni Corporation has been finalised.

Under the terms of Maersk LNG's two partnerships with Société Generale and Qatar Shipping Company, each owning an LNG vessel, the sale of Maersk LNG triggered pre-emption rights to Maersk LNG's partnership shares. These pre-emption rights have been exercised by these two limited partners acquiring Maersk LNG's 26 percent ownership share in each of the limited partnerships on the same terms as offered by Teekay LNG Operating LLC and Marubeni Corporation.

 The sale of Maersk LNG generates an accounting gain for the A.P. Moller - Maersk Group in the order of USD 80 million, including accumulated exchange rate differences previously recorded in equity.

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