GasLog Ltd. Announces Order of FSRU Long Lead Items for LNG Carrier Conversion
05 Décembre 2016 - 1:04PM
GasLog Ltd. ("GasLog", NYSE: GLOG), an international owner,
operator and manager of liquefied natural gas ("LNG") carriers,
today announces that Keppel Shipyard Limited ("Keppel") has begun
ordering long lead items ("LLI's") required for the conversion of a
GasLog or GasLog Partners LP ("GasLog Partners", NYSE: GLOP) LNG
carrier to a floating storage and re-gasification unit ("FSRU").
The LLI's include pumps, vaporizers, heat
exchangers and low duty compressors, which are vital equipment for
the conversion process. The LLI's take approximately 12 months to
deliver at a total cost of around $16 million.
Ordering the LLI's reduces the time necessary to
convert an LNG carrier from between 18-20 months to 6-8 months once
the LLI's are delivered.
Keppel is the world's leading shipyard for FSRU
conversions, having carried out 3 successful conversion projects in
the past.
Securing the LLI's at this time, puts GasLog in
a position to offer a fast track solution for FSRU projects in the
future. GasLog is working on a number of potential projects where
the LLI's could be used in a vessel conversion and has a number of
well suited candidates for conversion in its fleet of LNG
carriers.
Paul Wogan, Chief Executive Officer of GasLog
Ltd., stated: "GasLog's success in developing both its FSRU
capability and its industry relationships has allowed the early
ordering of the LLI's. This is a reflection of the progress we are
making with a number of different projects around the world."
About GasLog Ltd.
GasLog is an international owner, operator and
manager of LNG carriers. GasLog's fully-owned fleet includes 19 LNG
carriers (including 13 ships in operation and 5 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 nine
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.
Contacts:
Jamie Buckland - Head of Investor Relations
Phone: +44 203 388 3116
Email: ir@gaslogltd.com
Forward Looking StatementsAll
statements in this press release that are not statements of
historical fact are "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address
activities, events or developments that the Company expects,
projects, believes or anticipates will or may occur in the future,
particularly in relation to our operations, cash flows, financial
position, liquidity and cash available for dividends or
distributions, plans, strategies, business prospects and changes
and trends in our business and the markets in which we operate. We
caution that these forward-looking statements represent our
estimates and assumptions only as of the date of this press
release, about factors that are beyond our ability to control or
predict, and are not intended to give any assurance as to future
results. Any of these factors or a combination of these factors
could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements. Accordingly,
you should not unduly rely on any forward-looking statements.
Factors that might cause future results and
outcomes to differ include, but are not limited to the
following:
- general LNG shipping market conditions and trends, including
spot and long-term charter rates, ship values, factors affecting
supply and demand of LNG and LNG shipping and technological
advancements;
- continued low prices for crude oil and petroleum products;
- our ability to enter into time charters with new and existing
customers;
- changes in the ownership of our charterers;
- our customers' performance of their obligations under our time
charters;
- our future operating performance, financial condition,
liquidity and cash available for dividends and distributions;
- 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
restrictive covenants and other obligations under our credit
facilities;
- future, pending or recent acquisitions of or orders for ships
or other assets, business strategy, areas of possible expansion and
expected capital spending or operating expenses;
- 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;
- fluctuations in currencies and interest rates;
- our ability to maintain long-term relationships with major
energy companies;
- our ability to maximize the use of our ships, including the
re-employment or disposal of ships not under time charter
commitments;
- environmental and regulatory conditions, including changes in
laws and regulations or actions taken by regulatory
authorities;
- the expected cost of, and our ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, requirements imposed by classification societies and
standards imposed by our charterers applicable to our
business;
- 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;
- potential liability from future litigation;
- any malfunction or disruption of information technology systems
and networks that our operations rely on or any impact of a
possible cybersecurity breach; and
- other risks and uncertainties described in the Company's Annual
Report on Form 20-F filed with the SEC on March 14, 2016 and
available at http://www.sec.gov.
We undertake no obligation to update or revise
any forward-looking statements contained in this press release,
whether as a result of new information, future events, a change in
our views or expectations or otherwise, except as required by
applicable law. New factors emerge from time to time, and it is not
possible for us to predict all of these factors. Further, we cannot
assess the impact of each such factor on our business or the extent
to which any factor, or combination of factors, may cause actual
results to be materially different from those contained in any
forward-looking statement.
The declaration and payment of dividends are at
all times subject to the discretion of our board of directors and
will depend on, amongst other things, risks and uncertainties
described above, restrictions in our credit facilities, the
provisions of Bermuda law and such other factors as our board of
directors may deem relevant.
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