GasLog Ltd. (“GasLog”) (NYSE:GLOG) today announced an agreement
with Methane Services Ltd. (“MSL”), an affiliate of BG Group, to
purchase three LNG carriers from MSL’s fleet and to charter those
ships back to MSL for six-year initial terms. MSL also will have
options to extend the term of the time charters for two of the
ships for a period of either three or five years at its election.
The ships to be acquired will be nominated by MSL from an agreed
group of six sister ships built in 2006 and 2007. GasLog supervised
the construction of all six ships and has provided technical
management for the ships since delivery. The aggregate cost to
GasLog for the ships is expected to be approximately $468
million.
Each LNG carrier to be acquired is modern, steam powered and has
a capacity of 145,000 cubic meters. The Company estimates that upon
their acquisition, these ships will represent approximately $426.3
million of incremental contracted revenue over their initial
charter terms and add over $50.0 million per annum to GasLog’s
EBITDA1.
Paul Wogan, CEO of GasLog, commented that “we are very pleased
that we will be able to add these LNG carriers to our fleet as it
again demonstrates our ability to be a consolidator in this
industry. We know these ships well, having supervised their
construction and technically operated them since their delivery
from Samsung Heavy Industries. We expect the transaction to be
accretive to our earnings and support increased dividend capacity.
This transaction also further strengthens our long-standing
relationship with BG Group.”
The closing of the transaction is subject to the satisfaction of
certain conditions, including the completion of definitive
documentation and necessary financing. GasLog expects the
transaction to close in the first or second quarter of 2014.
In connection with the transaction, GasLog has obtained
commitments from Citibank, N.A. London Branch for a $325.5 million
credit facility and a bridge loan facility. Although GasLog has
obtained the bridge loan facility to maximize transactional
certainty, it may pursue one or more alternative capital-raising
transactions to fund a portion of the vessel purchase price, in
which case it would not expect to borrow under the bridge loan
facility.
Poten Capital Services (UK) advised GasLog on this
transaction.
In a separate press release, GasLog announced that it expects to
confidentially submit to the United States Securities and Exchange
Commission a draft registration statement for an initial public
offering of units in a master limited partnership to be formed to
own certain of GasLog’s ships with multi-year charters.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. Following the acquisition of the MSL ships, GasLog’s
fleet will include 18 wholly-owned LNG carriers, including eleven
ships in operation and seven LNG carriers on order. In addition,
GasLog currently has 12 LNG carriers, including the six ships
subject to the agreement with MSL, operating under its technical
management for third parties. GasLog’s principal executive offices
are located at Gildo Pastor Center, 7 Rue du Gabian, MC 98000,
Monaco. GasLog’s website is http://www.gaslogltd.com.
Forward-Looking Statements
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
The reader is cautioned not to rely on these forward-looking
statements. All statements, other than statements of historical
facts, that address activities, events or developments that the
Company expects, projects, believes or anticipates will or may
occur in the future, including, without limitation, future
operating or financial results and future revenues and expenses,
future, pending or recent acquisitions, general market conditions
and shipping industry trends, the financial condition and liquidity
of the Company, cash available for dividends payments, future
capital expenditures and dry-docking costs and new build vessels
and expected delivery dates, are forward-looking statements. These
statements are based on current expectations of future events. If
underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially
from our expectations and projections. Risks and uncertainties
include, but are not limited to, general LNG and LNG shipping
market conditions and trends, including charter rates, ship values,
factors affecting supply and demand and opportunities for the
profitable operations of LNG carriers; our continued ability to
enter into multi-year time charters with our customers; our
contracted charter revenue; our customers’ performance of their
obligations under our time charters and other contracts; the effect
of the worldwide economic slowdown; future operating or financial
results and future revenue and expenses; our future financial
condition and liquidity; our ability to obtain financing to fund
capital expenditures, acquisitions and other corporate activities,
and funding by banks of their financial commitments; future,
pending or recent acquisitions of ships or other assets, business
strategy, areas of possible expansion and expected capital spending
or operating expenses; our ability to complete the formation of a
proposed master limited partnership; our ability to enter into
shipbuilding contracts for newbuilding ships and our expectations
about the availability of existing LNG carriers to purchase, as
well as our ability to consummate any such acquisitions; our
expectations about the time that it may take to construct and
deliver newbuilding ships and the useful lives of our ships; number
of off-hire days, drydocking requirements and insurance costs; our
anticipated general and administrative expenses; fluctuations in
currencies and interest rates; our ability to maintain long-term
relationships with major energy companies; expiration dates and
extensions of charters; our ability to maximize the use of our
ships, including the re-employment or disposal of ships no longer
under multi-year charter commitments; environmental and regulatory
conditions, including changes in laws and regulations or actions
taken by regulatory authorities; risks inherent in ship operation,
including the discharge of pollutants; availability of skilled
labor, ship crews and management; potential disruption of shipping
routes due to accidents, political events, piracy or acts by
terrorists; and potential liability from future litigation. A
further list and description of these risks, uncertainties and
other factors can be found in our Annual Report filed March 28,
2013. Copies of the Annual Report, as well as subsequent filings,
are available online at www.sec.gov or
on request from us. We do not undertake to update any
forward-looking statements as a result of new information or future
events or developments.
EXHIBIT I
Non-GAAP Financial Measures:
EBITDA represents earnings before interest income and expense,
taxes, depreciation and amortization. EBITDA, which is a non-GAAP
financial measure, is used as a supplemental financial measure by
management and external users of financial statements, such as
investors, to assess our financial and operating performance. We
believe that this non-GAAP financial measure assists our management
and investors by increasing the comparability of our performance
from period to period. We believe that including EBITDA assists our
management and investors in (i) understanding and analyzing the
results of our operating and business performance, (ii) selecting
between investing in us and other investment alternatives and (iii)
monitoring our ongoing financial and operational strength in
assessing whether to continue to hold our common shares.
EBITDA has limitations as an analytical tool and should not be
considered as an alternative to, or as a substitute for, profit,
profit from operations, earnings per share or any other measure of
financial performance presented in accordance with IFRS. This
non-GAAP financial measure excludes some, but not all, items that
affect profit, and this measure may vary among companies. This
non-GAAP financial measure may not be comparable to similarly
titled measures of other companies in the shipping or other
industries.
Estimated EBITDA for the three LNG carriers being purchased by
GasLog for the first twelve months of operation is based on the
following assumptions:
• Closing of the acquisition in the first or second quarter of
2014 and timely receipt of charter hire specified in the charter
contracts;
• Utilization of 363 days per year and no drydocking;
• Vessel operating and supervision costs and charter commissions
per current internal estimates; and
• General and administrative expenses per current internal
estimates.
GasLog considers the above assumptions to be reasonable as of
the date of this release, but if these assumptions prove to be
incorrect, actual EBITDA for the vessels could differ materially
from the Company’s estimates.
1 EBITDA, which represents earnings before interest income and
expense, taxes, depreciation and amortization, is a non-GAAP
financial measure. Please refer to Exhibit I for guidance on the
underlying assumptions used to derive EBITDA.
GasLog Ltd.Paul Wogan (CEO)Phone: +377 9797 5120orSimon Crowe
(CFO)Phone: +377 9797 5115orJamie Buckland (Investor
Relations)Phone: +377 9797 5117orSolebury Communications, NYCRay
PosadasPhone: +1 203 428 3231Email: ir@gaslogltd.com
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
GasLog (NYSE:GLOG)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024