Teekay LNG Partners and Exmar to Enter Into LPG Carrier Joint Venture
(Thomson Reuters ONE) -
HAMILTON, BERMUDA--(Marketwire - December 5, 2012) - Teekay LNG Partners L.P.
(Teekay LNG or the Partnership) (NYSE:TGP) and EXMAR NV (EXMAR) (EXM:BB) today
announced an agreement in principle to create a new 50/50 joint venture which
will operate in the LPG Carrier segment with a primary focus on Midsize Gas
Carriers. EXMAR and Teekay LNG seek to expand the joint venture by taking
advantage of the current and future demand for liquefied petroleum gas (LPG) and
ammonia (NH(3)).
Transaction Summary
* EXMAR will contribute 16 owned LPG carriers to the new joint venture
company, to be named EXMAR LPG BVBA. The EXMAR LPG BVBA fleet will include
15 owned Midsize Gas Carriers (MGC), of which four are under construction at
Hyundai Mipo, and one owned Very Large Gas Carrier (VLGC). EXMAR LPG BVBA
will also time-charter in three MGCs and two VLGCs, and bareboat-charter in
one MGC and one VLGC.
* Prior to this transaction, EXMAR LPG BVBA will acquire from Wah Kwong the
remaining 50 percent interest in two MGCs, the Brugge Venture and the
Touraine, which it does not already own.
* Teekay LNG will then acquire a 50 percent ownership in EXMAR LPG BVBA. In
exchange for its 50 percent interest in EXMAR LPG BVBA, Teekay LNG will
contribute approximately USD 140 million of equity and assume pro rata debt
and lease obligations secured by certain vessels to be owned by EXMAR LPG
BVBA.
* EXMAR LPG BVBA has received a commitment from certain commercial lenders to
refinance the fleet in early-2013.
* EXMAR will continue to commercially and technically manage and operate the
vessels.
* It is the intention of EXMAR LPG BVBA to renew and grow the fleet and
discussions are already underway with various yards to secure additional
orders.
"New gas export projects scheduled to come on-line, combined with a relatively
modest LPG carrier orderbook, are expected to result in strong demand for the
current global LPG carrier fleet," commented Peter Evensen, Chief Executive
Officer of Teekay GP LLC. "In addition to providing potential upside from the
attractive fundamentals in the LPG shipping market, this accretive transaction
further diversifies Teekay LNG''s fixed-rate contract portfolio while leveraging
EXMAR''s deep expertise as a leading owner and operator of medium-sized gas
carriers."
Nicolas Saverys, Chief Executive Officer of EXMAR N.V commented, "This
transaction reflects a long-standing tradition of partnership with outstanding
shipping peers. EXMAR is pleased to have Teekay LNG as a partner and rely on
their extensive knowledge of the worldwide shipping markets to continue to grow
the LPG and NH(3) trade together. We share the same vision and strategy to grow
the gas shipping trade and are excited about implementing our ideas as soon as
possible."
The proposed transaction, which is expected to close in late-2012 or early-
2013, has been approved by the Teekay LNG and EXMAR boards of directors, and
remains subject to customary closing conditions, including the completion of due
diligence, vessel inspections and documentation.
The table below summarizes the vessels to be included in the EXMAR LPG BVBA
fleet:
+------------------+-------+-------+------------+-------------+----------------+
| | Year | | | | |
| Vessel | Built|Type | Capacity | Ownership | Employment |
+------------------+-------+-------+------------+-------------+----------------+
|1. Hyundai Mipo | 2014 |Fully | 38,000 dwt| Owned | N/A |
| No. 8121 | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|2. Hyundai Mipo | 2014 |Fully | 38,000 dwt| Owned | N/A |
| No. 8122 | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|3. Hyundai Mipo | 2014 |Fully | 38,000 dwt| Owned | N/A |
| No. 8123 | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|4. Hyundai Mipo | 2014 |Fully | 38,000 dwt| Owned | N/A |
| No. 8124 | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|5. BW Kyoto | 2010 |Fully | 83,298 dwt| Time- | Spot (managed |
| (33.33%) | |Ref | | charter in | by BW Gas) |
+------------------+-------+-------+------------+-------------+----------------+
|6. BW Tokyo | 2009 |Fully | 83,298 dwt| Time- | Spot (managed |
| (33.33%) | |Ref | | charter in | by BW Gas) |
+------------------+-------+-------+------------+-------------+----------------+
|7. Libramont | 2006 |Fully | 38,455 dwt| Owned | Time-charter |
| | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|8. Sombeke | 2006 |Fully | 38,447 dwt| Owned | Time-charter |
| | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|9. Antwerpen | 2005 |Fully | 35,233 dwt| Time- | Spot |
| | |Ref | | charter in | |
+------------------+-------+-------+------------+-------------+----------------+
|10. Eupen | 2005 |Fully | 38,961 dwt| Owned | Spot / |
| | |Ref | | | Contract of |
| | | | | | Affreightment |
+------------------+-------+-------+------------+-------------+----------------+
|11. Odin | 2005 |Fully | 38,501 dwt| Time- | Spot / |
| | |Ref | | charter in | Contract of |
| | | | | | Affreightment |
+------------------+-------+-------+------------+-------------+----------------+
|12. Berlian | 2004 |Fully | 35,437 dwt| Time- | Contract of |
| Ekuator | |Ref | | charter in | Affreightment |
+------------------+-------+-------+------------+-------------+----------------+
|13. Bastogne | 2002 |Fully | 35,229 dwt| Owned | Spot / |
| | |Ref | | | Contract of |
| | | | | | Affreightment |
+------------------+-------+-------+------------+-------------+----------------+
|14. Brugge Venture| 1997 |Fully | 35,418 dwt| Owned | Time-charter |
| | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|15. Brussels | 1997 |Fully | 35,454 dwt| Bareboat- | Time-charter |
| | |Ref | | charter in | |
+------------------+-------+-------+------------+-------------+----------------+
|16. Flanders | 1996 |Fully | 84,270 dwt| Bareboat- | Time-charter |
| Tenacity | |Ref | | charter in | |
+------------------+-------+-------+------------+-------------+----------------+
|17. Touraine | 1996 |Fully | 39,270 dwt| Owned | Time-charter |
| | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|18. Eeklo | 1995 |Fully | 37,450 dwt| Owned | Time-charter |
| | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|19. Kemira Gas | 1995 |Semi | 12,030 dwt| Owned | Time-charter |
| | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|20. Temse | 1994 |Fully | 35,058 dwt| Owned | Spot / |
| | |Ref | | | Contract of |
| | | | | | Affreightment |
+------------------+-------+-------+------------+-------------+----------------+
|21. Flanders | 1993 |Fully | 85,826 dwt| Owned | Time-charter |
| Harmony | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|22. Courcheville | 1989 |Fully | 28,006 dwt| Owned | Time-charter |
| | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
|23. Donau | 1985 |Semi | 30,207 dwt| Owned | Time-charter |
| | |Ref | | | |
+------------------+-------+-------+------------+-------------+----------------+
About Teekay LNG Partners L.P.
Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed
by Teekay Corporation (NYSE: TK) as part of its strategy to expand its
operations in the LNG and LPG shipping sectors. Teekay LNG Partners L.P.
provides LNG, LPG and crude oil marine transportation services primarily under
long-term, fixed-rate charter contracts with major energy and utility companies
through its fleet of 27 LNG carriers (including one LNG regasification unit),
five LPG/Multigas carriers and 11 conventional tankers. Teekay LNG Partners''
interests in these vessels ranges from 33 to 100 percent. In addition, Teekay
LNG Partners has agreed in principal to acquire a 50 percent interest in a new
joint venture with EXMAR which will own and in-charter LPG carriers and expects
this transaction to close by late-2012 or early-2013. Teekay LNG Partners L.P.
is a publicly-traded master limited partnership (MLP) formed by Teekay
Corporation (NYSE:TK) as part of its strategy to expand its operations in the
LNG and LPG shipping sectors.
Teekay LNG Partners'' common units trade on the New York Stock Exchange under
the symbol "TGP".
About EXMAR NV
EXMAR NV, headquartered in Antwerp, Belgium, is a diversified and independent
shipping group serving the international gas and oil industry. Apart from
providing the ships for the transportation of these products, it also performs
studies and undertakes the management of commercial, technical and
administrative activities for the oil and gas industry. EXMAR strives to create
shareholder value over the long term by balancing long- and short-term
agreements to counteract volatility in the freight market, combined with
providing services that are tailored to the needs of the customer.
EXMAR is quoted on Euronext Brussels (EXM).
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements (as defined in Section 21E of
the Securities Exchange Act of 1934, as amended) which reflect management''s
current views with respect to certain future events and performance, including
statements regarding: the vessels contributed by EXMAR to the EXMAR LPG BVBA
joint venture; the timing and certainty of completion of EXMAR''s acquisition of
the 50 percent interest in two MGCs, the Brugge Venture and the Touraine, which
it does not already own; the timing, amount and certainty of completion of the
Partnership''s equity investment in the EXMAR LPG BVBA joint venture, and Teekay
LNG''s assumption of pro rata debt and capital lease obligations; timing and
certainty of refinancing the EXMAR LPG BVBA fleet; the effect of the investment
in EXMAR LPG BVBA on the Partnership''s cash flows and diversity of its contract
portfolio, and expected accretion to the Partnership; the potential for EXMAR
LPG BVBA to order additional LPG carrier newbuildings; volatility of spot market
LPG and NH(3) shipping rates; and LNG and LPG shipping market fundamentals,
including balance of supply and demand of LPG shipping capacity and LPG shipping
charter rates. The following factors are among those that could cause actual
results to differ materially from the forward-looking statements, which involve
risks and uncertainties, and that should be considered in evaluating any such
statement: less than anticipated revenues, higher than anticipated costs, higher
than expected drydock expenses related to the LPG carriers owned and in-
chartered by EXMAR LPG BVBA; shipyard construction delays; increased cost to
construct the four Hyundai Mipo newbuilding LPG carriers; the potential early
termination of time-charter out contracts and inability of the EXMAR LPG BVBA to
renew or replace the time-charter out contracts; failure by EXMAR to complete
the acquisition of the remaining 50 percent interest in MGCs which it does not
currently own; failure to satisfy the closing conditions of the transaction,
including obtaining approvals from charterers and relevant regulatory
authorities; failure to complete the refinancing of the EXMAR LPG BVBA fleet in
2013; changes in production of LNG, LPG or NH(3), either generally or in
particular regions that would impact the expected future growth in the global
LPG transportation market and spot LPG and NH(3) shipping rates; changes in
trading patterns or timing of the start-up of new LNG liquefaction significantly
impacting overall LPG and NH(3) shipping requirements; changes in applicable
industry laws and regulations and the timing of implementation of new laws and
regulations; and changes to the amount or proportion of expenses denominated in
foreign currencies; and other factors discussed in Teekay LNG Partners'' filings
from time to time with the SEC, including its Report on Form 20-F/A for the
fiscal year ended December 31, 2011. The Partnership expressly disclaims any
obligation to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Partnership''s
expectations with respect thereto or any change in events, conditions or
circumstances on which any such statement is based.
Contact Information
Teekay LNG Partners L.P.
Kent Alekson
Investor Relations Enquiries
+ 1 (604) 609-6442
www.teekaylng.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Teekay LNG Partners L.P. via Thomson Reuters ONE
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Datum: 05.12.2012 - 08:45 Uhr
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