I.M. Skaugen SE ("IMS") today announced that it has agreed to sell all of its 50% economic interests in the SPT activities being the global ship to ship transfer/lightering business. IMSK will also by this series of transactions acquire the right to over time to purchase two Multigas type gas carriers of 12,000 cbm, built in 2011 and that are currently on a lease to IMSK from Teekay LNG Partners LP.
The sale of our economic interest in SPT business will be made against a consideration that will constitute a book gain for IMSK and it will be sold to a subsidiary of Teekay Corporation ("Teekay"). Teekay currently owns the other half of the business in a JV with IMSK.
The Boards of Directors of the companies involved have approved binding term sheets that are subject to standard closing conditions. The transactions are expected to be closed within 31 July 2015.
The divestment of our share in the JV of the SPT activities will improve the group's balance sheet and working capital position, and enable the company to better execute on its LNG strategy. By this transaction IMS confirms its focus on core business activity; to provide logistics solutions for seaborne regional distribution of liquefied gasses such as LNG, ethane, petrochemical gases as well as LPG. The acquisition of the rights to purchase the two LNG carriers will enable us to further develop these activities with enhanced value creation potential for IMSK and our shareholders.
Further details will be made available after closing of the transaction and by release of 2Q results in August 2015.
Oslo, 30th June 2015
I.M. Skaugen SE
Board of Directors
If you have any questions, please contact:
Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 00 /+47 91 64 56 08
or by e-mail: bente.flo@skaugen.com.
This press release is also available on the Internet at our website: www.skaugen.com.
I.M. Skaugen SE is a Norway based Marine Transportation Service Company, with a focus on Innovative Maritime Solutions. Our core business activity is to provide logistics solutions for seaborne regional distribution of liquefied gasses such as LNG, petrochemical gases, ethane as well as LPG.
The Skaugen Group of companies currently operates a fleet of 15 advanced gas carriers. In this fleet we have 6 innovative and unique vessels with the capacity to transport LNG in addition to petrochemical gases and LPG. We recruit, train and employ our own team of seafarers.
IMS employs approximately 500 team members globally and with nearly 30 nationalities represented. We manage and operate our activities and service our clients from our offices in Singapore, Oslo and Houston.