Bermuda Firm Acquires Danish Carriers
The Danish shipping and oil group A.P. Moller-Maersk A/S announced today [Oct. 12] it has sold its liquefied natural gas unit to Bermuda-based Teekay Corp. and the Japanese group Marubeni.
The Danish company says the two buyers will acquire joint ownership interest in eight LNG carriers in a $1.4 billion deal on a cash and debt-free basis.
Maersk said it decided to sell since the LNG unit was too small to influence overall industry development and that liquid natural gas was not the group’s core business.
Copenhagen-based Maersk says the transaction was subject to regulatory approval and is not expected to have a significant impact on the group’s financial performance.
Hamilton-headquartered Teekay and Japanese trading company Marubeni will borrow $1.12 billion to finance the deal. The rest will be paid for in cash by the two partners, according to Teekay.
Teekay said the purchase will be accretive to the company’s cash flow. The Bermuda company is the largest operator of medium-sized tankers and offshore shuttle tankers — ships designed for oil transport from off-shore oil sources — by number of ships. The company ships crude oil, petroleum products, and liquefied natural gas [LNG] all over the world. Teekay manages a fleet of 158 vessels with a total carrying capacity of 4.7 million deadweight tonnes.
Marubeni announced last week it was bidding for Maersk LNG in a 50-50 partnership with the Bermuda firm.
