Teekay, Exmar sign LNG carrier deal

By OGJ editors
HOUSTON, Oct. 7
-- Exmar NV and Teekay LNG Partners LP have reached an agreement under which Teekay will purchase a 50% interest in two of Exmar’s LNG carriers—Excelsior and Excalibur.

Both vessels are long-term time-chartered to Excelerate Energy. Exmar will remain responsible for the management and operations of the vessels.

Signing of the agreements with Teekay and the lenders is expected to take place in about 2 weeks.

The companies report that the transaction will generate a profit of $50 million. The net consideration for the sale will amount to $70 million (including $7 million of working capital and other cash assets) split in $35 million cash and 1.05 million Teekay common units.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs