GasLog Ltd. Completes the Acquisition of Three LNG Carriers from BG Group
10 Avril 2014 - 10:01PM
Business Wire
GasLog Ltd. (“GasLog”) (NYSE:GLOG) is pleased to announce that
it has completed the acquisition of three LNG carriers from Methane
Services Ltd. (“MSL”) an affiliate of BG Group, which will be
chartered back to MSL for six-year initial terms on average. MSL
has 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.
It was previously announced that each of the three vessels would
be chartered back to MSL for a term of six years. However,
following further discussions with BG Group, the time charters of
the three vessels will be staggered with time charters of 5.5
years, 6 years and 6.5 years, so that the three vessels will not
redeliver at the same time.
Paul Wogan, CEO of GasLog, commented “We are delighted to
complete this accretive transaction and bring these vessels into
the GasLog fleet. The acquisition increases the size of our wholly
owned fleet to 18 vessels with 11 of these ships currently on the
water. The transaction also further strengthens our long-standing
relationship with BG Group.”
To complete the transaction, GasLog has drawn down on its $325.5
million credit facility with Citibank, N.A., London Branch, and
satisfied the remainder of the $468 million consideration ($465
million of which was paid at closing) with cash raised in the
follow-on equity offering completed in January 2014.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. Following completion of this acquisition from MSL,
GasLog’s fleet consists of 18 wholly owned LNG carriers, including
eleven ships in operation and seven LNG carriers on order, and
GasLog has nine LNG carriers 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 dividend payments, future
capital expenditures and drydocking costs and newbuild 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, technological advancements and
opportunities for the profitable operation of LNG carriers; our
ability to enter into time charters with our existing customers as
well as new customers; our contracted charter revenue; our
customers’ performance of their obligations under our time charters
and other contracts; the effect of volatile economic conditions and
the differing pace of economic recovery in different regions of the
world; future operating or financial results and future revenues
and expenses; our future financial condition and liquidity; our
ability to obtain financing to fund capital expenditures,
acquisitions and other corporate activities, funding by banks of
their financial commitments, and our ability to meet our
obligations under our credit facilities; 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 expectations relating to dividend
payments and our ability to make such payments; our ability to
enter into shipbuilding contracts for newbuildings 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 newbuildings 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 time charter commitments;
environmental and regulatory conditions, including changes in laws
and regulations or actions taken by regulatory authorities;
requirements imposed by classification societies; 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 with the SEC
on March 27, 2014. 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.
GasLog Ltd.Paul Wogan (CEO)Phone: +377 9797 5115orSimon Crowe
(CFO)Phone: +377 9797 5115orJamie Buckland (Investor
Relations)Phone: +377 9797 5118orRay Posadas (Solebury
Communications, NYC)Phone: +1 203-428-3231ir@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
