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

LNG

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.0744 sec (13 req/sec)