A Look Behind Russian Efforts to Skirt US Energy Sanctions
(Bloomberg) — The crayon marks on the wall of the sparsely furnished apartment hint at it being a conventional family home. But the single sofa, pink plastic chair and child’s...
Norwegian-based shipowner Ocean Yield AS has announced an agreement to purchase infrastructure fund CVC DIF’s share in the French company Geogas LNG. The acquisition provides Ocean Yield with an indirect economic interest of up to 34% in France LNG Shipping SAS (FLS), marking its entry into the LNG carrier sector.
FLS, which is 50/50 owned by NYK and Geogas LNG, boasts a portfolio of LNG carriers on long-term charters. Currently, six vessels are operational with an average age of three years, and two more are scheduled for delivery in 2024 and 2025. Additionally, four newbuildings are set to be novated to FLS around the transaction’s closing and will be delivered in 2027.
All vessels are employed on long-term charters to tier-one investment grade-rated European energy companies, with an average contract duration of 10 years, extendable to 14 years. The acquisition, based on an indirect economic interest of 34%, will add approximately USD 840 million to Ocean Yield’s EBITDA backlog. The transaction is expected to close in the second half of 2024, subject to customary conditions.
“We are pleased to partner with NYK, Geogas Maritime, and Access Capital Partners for our first transaction in the LNG segment,” said Chief Executive Officer Andreas Røde. “FLS controls a fleet of modern LNG carriers with a low carbon footprint and long-term charters to investment grade-rated counterparties.”
BAHR and Stephenson Harwood served as legal advisors to Ocean Yield in connection with the transaction.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,227 members that receive our newsletter.
Have a news tip? Let us know.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign UpMaritime and offshore news trusted by our 109,227 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up