GasLog Ltd. closes Sale & Purchase Agreement with Gastrade
09 Février 2017 - 1:00PM
Monaco - February 9, 2017 - GasLog Ltd.
("GasLog", NYSE: GLOG), an international owner, operator and
manager of liquefied natural gas ("LNG") carriers, today announces
that it has closed the 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.
Following an initial announcement on December
22, 2016, where GasLog announced it had entered into the SPA, all
conditions required to close the SPA acquisition have now been
satisfied and GasLog has become a 20% shareholder in Gastrade.
Gastrade is a private limited company,
incorporated in Greece and formed by Asimina-Eleni Copelouzou.
Gastrade has been involved in the development of this FSRU project
over a number of years. 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 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 the
coming weeks.
Gastrade targets to take final investment
decision ("FID") by the end of 2017 with the Project scheduled to
be operational by end of 2019.
About GasLog Ltd.
GasLog is an international owner, operator and
manager of LNG carriers providing support to international energy
companies as part of their LNG logistics chain. GasLog's
consolidated fleet consists of 27 LNG carriers (22 ships on the
water and 5 on order). GasLog also has an additional LNG
carrier which was sold to a subsidiary of Mitsui Co. Ltd. and
leased back under a long-term bareboat charter. GasLog's
consolidated fleet now includes nine LNG carriers in operation
owned by GasLog's subsidiary, GasLog Partners. 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.
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