Teekay is to acquire up up to two new LNG carrier through Norwegian operator Awilco in a $205million sale and leaseback deal.
The 155,900 cubic metre vessel, which is currently being constructed by Daewoo in South Korea, is due to be delivered in the next two months.
Teekay will charter the vessel back to Awilco for a fixed rate over the next five years, with the Norwegian operator also having the option to also charter back a second vessel due for completion at the end of the year.
“We are pleased to announce this mutually beneficial acquisition-leaseback arrangement with Awilco which will provide Teekay LNG with immediate accretive cash flow,” said Teekay chief executive Peter Evensen.
“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.”
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