Teekay, Exmar sign LNG carrier deal

By OGJ editors
HOUSTON, Oct. 7 -- Exmar NV and Teekay LNG Partners LP have reached an agreement under which Teekay will purchase a 50% interest in two of Exmar’s LNG carriers—Excelsior and Excalibur.

Both vessels are long-term time-chartered to Excelerate Energy. Exmar will remain responsible for the management and operations of the vessels.

Signing of the agreements with Teekay and the lenders is expected to take place in about 2 weeks.

The companies report that the transaction will generate a profit of $50 million. The net consideration for the sale will amount to $70 million (including $7 million of working capital and other cash assets) split in $35 million cash and 1.05 million Teekay common units.