Teekay to buy Awilco LNG newbuild
Teekay LNG Partners has announced it will acquire a $205m, 155,900cu m LNG carrier newbuilding from Norwegian LNG carrier owner-operator Awilco LNG.
Daewoo Shipbuilding and Marine Engineering are expected to deliver the vessel to Awilco in the third quarter of this year, at which time Teekay LNG will purchase the vessel and bareboat charter it back to Awilco for five years plus a one year option.
In addition to the daily bareboat charter rate, Awilco will make a $50m upfront payment of charter against the vessel's $205m price tag.
The transaction also includes the option for Awilco to sell and charter back another 155,900cu m LNG carrier being built at DSME, which is expected to be delivered in the last quarter of 2013.
Peter Evensen, ceo of Teekay LNG Partners said, "Together with our four LNG carrier newbuildings delivering in 2016 and the ten LPG newbuildings in our joint venture with Exmar, delivering between 2014 and 2017, this transaction with Awilco provides a near-term compliment to the partnership's strong portfolio of long-term visible growth projects."