August 6, 2013
On August 5, Teekay LNG Partners announced an acquisition and charter back for up to two LNG carrier newbuildings. They have agreed to acquire a 155,900 cubic meter LNG carrier from Awilco LNG ASA, a Norwegian-based owner and operator of LNG carriers.
The vessel is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd (DMSE), and it is expected to deliver in the third quarter of 2013. Teekay LNG will purchase the vessel and bareboat charter the vessel back to Awilco at a fixed rate for a firm period of five years, plus a one-year extension option.
“Together with our four LNG carrier newbuildings delivering in 2016 and the ten LPG newbuildings in our joint venture with Exmar, delivering between 2014 and 2017, this transaction with Awilco provides a near-term compliment to the Partnership’s strong portfolio of long-term visible growth projects” expressed Peter Evensen, CEO of Teekay Gas Partners.
The future looks bright for the LNG market and Teekay will be ready for it. As announced in recent posts, Teekay LNG has already ordered two LNG carriers in December 2012 and another two LNG newbuildings in July 2013, which will be among the first ones to be powered with the M-type, Electronically Controlled, Gas Injection (MEGI) twin engines.
To learn more about the new LNG acquisition, read full release here. For more Teekay Gas updates, follow Teekay’s official Facebook page, Twitter and visit www.teekaylng.com.