Palladian vitran tracking Publications publishes five international B2B magazines targeted specifica

Home News Exploration Drilling and Production Processing Pipelines LNG Coal Unconventional Resources BRICs Shale Gas Special reports Magazines Hydrocarbon Engineering LNG Industry Oilfield Technology World Coal World Pipelines Special vitran tracking reports Directory Events Media Advertise FAQs Contact us
Teekay LNG Partners L.P. (NYSE:TGP) announced on Wednesday that it has agreed to obtain a second 155 900 cubic metre liquedied natural gas (LNG) tanker newbuilding from Norway-based operator Awilco LNG ASA (ALNG:NO). The carrier, which is presently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) of South Korea, is due to begin delivering vitran tracking in the final quarter of 2013.
Subsequent to delivery from DSME to Awilco, Teekay LNG will purchase the vessel and bareboat charter it back to Awilco vitran tracking at a fixed-rate for a firm period of four years, plus a one-year extension option. As with the first vessel, Teekay LNG will purchase the second vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate. Awilco has fixed-price purchase obligations for both vessels at the end of both the firm charter period and option period.
The Awilco vessels, the first of which was delivered on September vitran tracking 16, 2013, are each expected to generate annual Distributable Cash Flow of approximately $7.5 million.The Partnership intends to initially finance vitran tracking the second vessel with a portion of its existing liquidity and expects to secure long-term vitran tracking debt financing prior to delivery.
Peter Evensen, Chief Executive vitran tracking Officer of Teekay GP LLC., said: further to our August 2013 announcement on the first Awilco LNG carrier newbuilding, the acquisition-leaseback of a second vessel from Awilco will provide Teekay LNG with additional near-term accretive cash flows. These vessels will complement the Partnership's strong portfolio vitran tracking of longer-term visible growth projects, including, the four LNG carrier newbuildings delivering in 2016 and the ten LPG newbuildings in our joint venture with Exmar, delivering between 2014 and 2017."
The acquisition of the second Awilco vessel has been approved by Board of Directors of both Teekay LNG and Awilco, and remains subject to customary closing conditions, including satisfactory documentation.
Teekay LNG Partners L.P. and its joint venture partner Marubeni Corporation have agreed to acquire ownership interests in eight LNG carriers from Denmark-based, vitran tracking A.P. Moller-Maersk A/S, for approximately US$ 1.4 billion.
Recommend magazines
Palladian vitran tracking Publications publishes five international B2B magazines targeted specifically at the global energy sector. Each title provides its subscribers with a unique industry insight via a combination of news, reviews, comments, analysis, regional reports, case studies, technical articles and more. Magazines include Oilfield Technology, vitran tracking World Coal, Hydrocarbon Engineering, World Pipelines and LNG Industry.