GasLog Ltd. Completes the Acquisition of Two LNG Carriers from BG Group plc
31 Mars 2015 - 4:17PM
Business Wire
GasLog Ltd. (“GasLog” or the “Company”) (NYSE:GLOG) is pleased
to announce that it has successfully completed the acquisition of
two LNG carriers from Methane Services Limited (“MSL”), a
subsidiary of BG Group plc (“BG”), which was previously announced
on December 22, 2014. This completes the third acquisition of ships
from BG by GasLog in the last twelve months, with eight vessels
acquired in total.
The two ships subject to today’s announcement will be chartered
back to MSL for nine and eleven year initial terms. MSL has options
to extend the term of the time charters for each vessel for three
or five years at its election. The two vessels, built in 2010, are
the Methane Becki Anne and Methane Julia Louise and each have a
cargo capacity of 170,000 cubic meters and have on-board
reliquefaction plants, which enable the vessels to operate in a
more fuel efficient manner at a greater range of speeds than would
otherwise be achievable.
Due to the length of the charters, both vessels will be eligible
for drop down into GasLog Partners LP (the “Partnership”), who has
3 years in which to exercise its options to purchase these ships
from GasLog at fair market value. This will potentially increase
future distributions to GasLog in respect of its limited partner
and general partner interests in the Partnership.
Paul Wogan, CEO of GasLog, commented, “We believe this
transaction reaffirms our commitment to BG and their appreciation
of GasLog as a long-term service provider of LNG shipping. It is
also an important step in realizing the GasLog 40:17 Vision1 that
we announced at our capital markets day in December and we are
continuing to develop further attractive opportunities to grow
our fleet. These ships also add growth to the Gaslog
Partners dropdown pipeline and should, we believe, enhance the
sum of the parts valuation of GasLog.”
To complete the transaction, GasLog has drawn down on a $460
million credit facility led by DNB Bank, which comprises a $325
million secured credit facility and a $135 million subordinated
two-year loan facility at rates in line with recent GasLog
financings.
Poten Capital Services (UK) advised GasLog on this
transaction.
About GasLog Ltd.
GasLog is an international owner, operator and manager of LNG
carriers. GasLog’s fully-owned fleet includes 22 LNG carriers
(including 13 ships in operation, nine LNG carriers on order) and
GasLog has four LNG carriers operating under its technical
management for third parties. GasLog Partners LP, a master limited
partnership formed by GasLog, owns a further five LNG carriers.
GasLog’s principal executive offices are at Gildo Pastor Center, 7
Rue du Gabian, MC 98000, Monaco. GasLog’s website is
http://www.gaslogltd.com.
1Future acquisitions of vessels are subject to various risks and
uncertainties that include, but are not limited to, general LNG and
LNG shipping market conditions and trends; 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 future
financial condition and liquidity; our ability to obtain financing
to fund acquisitions, banks’ ability to fund their financial
commitments; and our ability to meet our obligations under our
credit facilities.
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 of LNG and LNG shipping,
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 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 26, 2015. Copies of the Annual Report, as well as
subsequent filings, are available online at http://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 except as may be required by law.
GasLog Ltd.Paul Wogan (CEO)Phone: +377 9797 5115orSimon
Crowe (CFO)Phone: +44-203-388-3108orJamie Buckland (Investor
Relations)Phone: +44-203-388-3116
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