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Teekay confident of LNG future

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LNG Industry,

Teekay has announced that, despite its generated distributed cash flow for the third quarter of 2015 being US$61.1 million, compared to US$64.2 million for the same period of the previous year, its distributable cash flow remains stable.

The CEO of Teekay GP LLC, Peter Evensen, said: “Teekay LNG's distributable cash flow remains stable and growing. The Partnership's diversified portfolio of fee-based contracts, with no direct link to commodity prices, comprises fixed forward revenues of approximately US$11.3 billion.

“Our project teams remain focused on the execution of the Partnership's growth portfolio, including delivery of the world's first ever MEGI LNG carrier newbuildings.

“The first two of the Partnership's MEGI LNG carrier newbuildings are expected to deliver starting in early 2016, with the first vessel having recently commenced sea trials and the second vessel having been launched at the shipyard during the third quarter. These vessels, which we expect will be financed under a new, approximately US$360 million long-term lease facility upon delivery, will both operate under fee-based charter contracts with Cheniere Energy to export LNG from Cheniere's Sabine Pass LNG export facility, which is expected to ship its first LNG cargo in early-2016. In addition, with strong support from a broad group of international banks, the Partnership recently secured a new US$150 million unsecured credit facility that can be used to finance a portion of our remaining capital commitments."

Edited from press release by David Rowlands

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