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Tuesday, March 28, 2023

Swan Energy's TOPL Awaits Lenders' Nod for FSRU Vessel Deal with BOTAS

Maritime Activity Reports, Inc.

March 10, 2023



BSE-listed Swan Energy, via its 51% subsidiary Triumph Offshore Private Limited (TOPL), said Friday it had executed a term sheet with Turkey's BOTAS to lease an FSRU vessel to the Turkish firm.

The term sheet, signed on December 31, is for chartering the FSRU vessel 'Vasant l' for 365 days at a dayrate of $250,000.

TOPL is financed by a consortium of bankers, with State Bank of India as the Lead Bank.

Swan Energy issued a statement on the term sheet following media reports. It said separately that it hadn't informed the market of the term sheet with BOTAS as it had waited for approval from the consortium of bankers financing TOPL.

"[TOPL] had applied for lenders' approval for chartering of vessel with the charterer, which is pending to be received. Hence, we thought it prudent to disclose to the stock exchange post receipt of the said approval. Additionally, since the agreement has yet not been executed with the charterer, we thought it prudent to intimate to stock exchanges on executing/signing the agreement," Swan Energy said..

" Moreover, the [term sheet with BOTAS ] is strictly temporary in nature and has been done since the commissioning of the FSRU Project of the company, being undertaken by Swan LNG Private Limited (SLPL), another subsidiary of the company, is delayed," Swan Energy said.

"In our view, the 'Term Sheet' executed with the charterer, was under normal course of business and did not amount to material event," the company said.

Swan Energy said the receipt of the approval from the consortium of lenders and execution of the agreement with BOTAS was pending. 

"We shall be making further announcements once the agreement is executed and lenders approval is received," the company said.

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