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Teekay LNG Partners Secures Long-Term Financing for Yamal Arc7 LNG Carriers

Source: www.gulfoilandgas.com 12/11/2017, Location: Asia

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Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (TGP) announced the completion of an $816 million long-term debt facility to finance all six of the Partnership’s 50-percent owned ARC7 LNG carrier new buildings, the first vessel of which is scheduled to deliver in January 2018, and the remaining vessels through to early-2020. These new buildings will service the Yamal LNG project under charter contracts with firm charter periods out to 2045 plus option periods.

“Together with our joint venture partner, China LNG Shipping, we are pleased to announce this significant project milestone for our ARC7 LNG carrier new buildings for the Yamal LNG project, which has successfully commenced producing LNG at the first train and recently completed its first LNG cargo loading,” commented Brody Speers, Chief Financial Officer of Teekay Gas Group Ltd.

“With the long-term financing for all six of our 50-percent owned ARC7 vessels now in place, we look forward to the expected delivery and charter contract commencement of our first ARC7 LNG carrier new building in January 2018. With the completion of this ARC7 financing, the Partnership has now completed $2.2 billion in debt financings for our new buildings in the past 12 months and has financed 14 of its remaining 15 LNG carrier new buildings, which includes one floating storage unit.”

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