I.M. Skaugen SE reaches agreement with Teekay

I.M. Skaugen SE (IMSK) has recently agreed to sell its 50% interest in SPT activities to a subsidiary of Teekay Corp. Teekay currently owns the other half of the business in a joint venture with IMSK. 

The Board of Directors from each of the companies have approved binding term sheets that are subject to standard closing conditions. The transactions are expected to be closed by 31 July 2015.

As part of this transaction, IMSK will acquire the right to purchase two multigas type gas carriers of 12 000 m³, built in 2011, which the company currently leases from Teekay LNG Partners LP.

The divestment of IMSKs share in the joint venture of the SPT activities will improve the group's balance sheet and working capital position. It will also enable the company to better execute its LNG strategy. Acquiring the rights to purchase the two LNG carriers will enable IMSK to further develop its core business activities – to provide logistics solutions for seaborne regional distribution of liquefied gases such as LNG.

Further details will be made available when the transaction is closed and by release of 2Q results in August 2015.

Edited from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/01072015/im-skaugen-se-reaches-agreement-with-teekay-972/