50% Stake in LNG Tanker Pair Sold

Thursday, October 07, 2010

EXMAR NV and Teekay LNG Partners L.P. (

Teekay, NYSE: TGP) have reached an agreement in principle whereby Teekay will purchase a 50% interest in two of EXMAR’s LNG carriers: EXCELSIOR (2005-built LNGRV) and EXCALIBUR (2002-built conventional LNG) with an economic date of 1 September 2010. Both vessels are long-term time-chartered to Excelerate Energy. EXMAR will remain responsible for the management and operations of the vessels.

The transaction is still subject to the completion of the loan and lease documentation currently in progress with the existing lenders. Signing of the agreements with Teekay and the lenders is expected to take place in about two weeks. The transaction will generate a profit of approximately $50 million. The net consideration for the sale will amount to approximately $70 million (including $7 million of working capitaland other cash assets) split in $35 million cash and approximately 1,050,000 TGP commonunits. In addition the transaction will reduce EXMAR’s indebtedness by more than USD 100 million.

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

LNG

MHI Wins LNG Order

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd. The carriers

US House Passes Bill to Pressure Regulators on LNG Exports

The U.S. House of Representatives passed a bill on Wednesday to speed permits for exports of natural gas, a measure that even if passed by the Senate and signed into law by President Barack Obama,

DSME Building 5 Icebreaking LNGCs for Yamal

Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) is building five large Arctic Liquefied Natural Gas Carriers (LNGCs), for which it has LNG ordered

 
 
Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.1608 sec (6 req/sec)