GasLog Ltd. Signs An Agreement For An FSRU Project With Gastrade
22 Décembre 2016 - 1:04PM
Monaco - December 22, 2016 - GasLog Ltd.
("GasLog", NYSE: GLOG), an international owner, operator and
manager of liquefied natural gas ("LNG") carriers, today announces
that a wholly owned subsidiary of GasLog has entered into a sale
and purchase agreement ("SPA") to acquire a twenty percent (20%)
shareholding in Gastrade S.A. ("Gastrade"). Gastrade is licensed to
develop an independent natural gas system offshore Alexandroupolis
in Northern Greece utilizing a floating storage and regasification
unit ("FSRU") along with other fixed infrastructure.
Gastrade is a private limited company,
incorporated in Greece and wholly owned by Asimina-Eleni
Copelouzou. Gastrade has been involved in the development of this
FSRU project over a number of years. Closing of the SPA acquisition
is subject to the satisfaction of certain closing conditions set
out in the transaction documents. GasLog, as well as being a
shareholder, will provide operations and maintenance ("O&M")
services for the FSRU through an O&M agreement.
Gastrade is currently in discussions with a
number of additional potential investors, including DEPA, the Greek
state owned gas company, Bulgarian Energy Holding (BEH), the
holding company of the Bulgarian Ministry of Energy and major gas
suppliers. Other large scale international companies have expressed
an intention to participate in the ownership and development of the
terminal. A number of companies have also expressed interest in
supplying LNG to the project.
This FSRU project would provide a new route and
a vital source of gas diversification to a number of European
countries that are currently highly dependent on pipeline gas in
South East and Central Europe. As well as enhancing security of
supply in the region, it will promote competition and pricing
flexibility. The project has the backing of the Greek and the
Bulgarian Governments as well as the support of the EU. It has been
assigned the status of an EU Project of Common Interest ("PCI"),
that is further designated as a priority EU energy infrastructure
project. The front-end engineering and design ("FEED") study is
expected to be part-funded by an EU grant, and is scheduled to
commence in early 2017.
Gastrade targets to take final investment
decision ("FID") by the end of 2017 with the FSRU scheduled to be
operational by end of 2019.
Paul Wogan, Chief Executive Officer of GasLog
Ltd., commented, "I am delighted that GasLog has been invited to
join Gastrade. This is a strategically important energy import
project for the region. The FSRU will be used as a gateway for LNG
imports into Southern Europe, where there is a growing demand and a
need to diversify existing gas supply.
This announcement, alongside GasLog's ordering
of long-lead items, demonstrates the ongoing development of the
company's FSRU strategy."
Konstantinos Spyropoulos, Chairman and Managing
Director of Gastrade also added, "We are very pleased to have
GasLog involved in the project. Their long, successful track record
in the maritime and in particular in the LNG sector, coupled with
their leading innovation initiatives, make them an excellent
partner to take the project forward. We look forward to working
with GasLog to bring this project to commercial operation."
About GasLog Ltd.GasLog is an
international owner, operator and manager of LNG carriers. GasLog's
fully-owned fleet includes 18 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
RelationsPhone: +44 203 388 3116Email: 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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