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July 7, 2014
09:08 EDTTGPTeekay LNG acquires ownership interest in four LNG newbuildings
Teekay LNG Partners announced that it has acquired from BG Group, or BG, ownership interests in four 174,000 cubic meter Tri-Fuel Diesel Electric, or TFDE, liquefied natural gas, or LNG, carrier newbuildings, which will be constructed by Hudong-Zhonghua Shipbuilding in China. The vessels, which are scheduled to deliver between September 2017 and January 2019, will each operate under 20-year time-charter contracts, plus extension options, with Methane Services Limited, a wholly-owned subsidiary of BG. Through this transaction, the Partnership has acquired a 30% ownership interest in the first two LNG carrier newbuildings with the balance of ownership held by CETS, an affiliate of China National Offshore Oil Corporation, or CNOOC, and China LNG Shipping, and a 20% ownership interest in the second two LNG carrier newbuildings with the balance of ownership held by CETS, CLNG and BW Group. Teekay Corporation will provide construction supervision services for the newbuildings and technical management of the vessels upon their respective deliveries.
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