Teekay LNG Signs Time-Charter Contracts for Its Two Existing Newbuildings With Cheniere
(Thomson Reuters ONE) -
HAMILTON, BERMUDA--(Marketwired - June 7, 2013) - Teekay LNG Partners L.P.
(Teekay LNG or the Partnership) (NYSE: TGP) today announced that it has entered
into two, five-year time-charter contracts with Cheniere Marketing, LLC
(Cheniere) to provide them with Liquefied Natural Gas (LNG) transportation
services.
The fixed-rate time-charter contracts will be serviced by the two 173,400 cubic
meter LNG carrier newbuildings ordered by Teekay LNG in December 2012. The
newbuildings are currently under construction by Daewoo Shipbuilding & Marine
Engineering of South Korea and are scheduled to be delivered in the first half
of 2016. The newbuildings will be constructed with M-type, Electronically
Controlled, Gas Injection (MEGI) twin engines, which are designed to be
significantly more fuel-efficient and have lower emission levels than other
engines currently being used in LNG shipping.
"We are excited to be supporting Cheniere, which will be exporting volumes from
the Sabine Pass LNG export facility, the first LNG export facility project in
the contiguous United States to receive approval for LNG exports," commented
Peter Evensen, Chief Executive Officer of Teekay GP LLC. "This is a pioneering
transaction which combines one of the first U.S. LNG export facilities with the
first MEGI-propelled LNG carriers to be chartered."
Mr. Evensen continued, "With this transaction, the Partnership is once again
able to provide investors with visible distributable cash flow growth that we
expect to build on due to the strong fundamentals of the LNG transportation
markets we see developing commencing from 2016. The Partnership is also bidding
on several other LNG and floating regasification projects."
About Teekay LNG
Teekay LNG Partners is the world's third largest independent owner and operator
of LNG carriers, providing LNG, LPG and crude oil marine transportation services
primarily under long-term, fixed-rate charter contracts with major energy and
utility companies through its interests in 29 LNG carriers (including one LNG
regasification unit and two newbuildings), 29 LPG/Multigas carriers (including
five chartered-in LPG carriers and eight newbuildings) and 11 conventional
tankers. The Partnership's interests in these vessels range from 33 to 100
percent. 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".
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 expected timing for delivery of the Partnership's two
LNG carrier newbuildings from the shipyard and commencement of their respective
time-charter contracts; the higher fuel-efficiency and lower emissions levels
associated with the MEGI engines; the impact on the Partnership's future
distributable cash flow; the expected commencement of Cheniere's Sabine Pass LNG
export facility; the anticipated increase in demand for LNG shipping commencing
from 2016 due to new LNG export projects; and the Partnership's ability to
successfully bid for new LNG shipping and floating regasification projects. 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:
greater than expected vessel construction costs related to the two LNG carrier
newbuildings; changes to vessel delivery dates as a result of shipyard delays;
greater than expected increases in operating expenses; potential early
termination of contracts; failure of the MEGI engine to provide the expected
efficiency and emission specifications; failure by the Partnership to secure
financing prior to the delivery for the two LNG carrier newbuildings; changes in
production of LNG, either generally or in particular regions that would impact
the expected future growth in the global LNG transportation and regasification
markets, and spot LNG shipping rates; changes in trading patterns or timing of
the start-up of new LNG liquefaction projects, including Cheniere's Sabine Pass
LNG export facility project, significantly impacting overall LNG shipping
requirements; changes in applicable industry laws and regulations and the timing
of implementation of new laws and regulations; and other factors discussed in
Teekay LNG Partners' filings from time to time with the SEC, including its
Report on Form 20-F for the fiscal year ended December 31, 2012. 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
Contacts:
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
[HUG#1708038]
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Datum: 07.06.2013 - 15:37 Uhr
Sprache: Deutsch
News-ID 267633
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