Teekay LNG Operating LLC and Marubeni Corp. plan to acquire Maersk LNG for $1.4 billion, the parent conglomerate A.P. Moller-Maersk Group announced Oct. 12 in a news release from Copenhagen.
Teekay LNG Operating LLC and Marubeni Corp. plan to acquire Maersk LNG for $1.4 billion, the parent conglomerate A.P. Moller-Maersk Group announced Oct. 12 in a news release from Copenhagen.
The transaction, expected to be completed by yearend, remains subject to customer consent and regulatory approval. On May 11, the parent company announced its intentions to sell the LNG business so it could reallocate resources to focus areas within the group.
“Maersk LNG does not in itself have the necessary scale to significantly influence the overall development of the industry,” A.P. Moller-Maersk said. “The conclusion is that Maersk LNG would benefit from a different ownership.”
Through its subsidiaries, Maersk LNG owns six LNG vessels and owns 26% interest in two vessels through limited partnerships. The sales agreement involves all eight vessels. Upon completion of the transaction, the A.P. Moller-Maersk Group will no longer own LNG vessels.
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.
