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Teekay LNG Partners release 2017 results

Published by
LNG Industry,


Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P. has reported the partnership's results for the quarter and year ended 31 December 2017.

Highlights:

  •  Reported GAAP net income attributable to the partners and preferred unitholders of US$39.9 million and adjusted net income attributable to the partners and preferred unitholders of US$34.0 million in the Q4 of 2017.
  • Generated distributable cash flow of US$52.1 million, or US$0.65 per common unit, in Q4 of 2017.
  • Since September 2017, the partnership has taken delivery of three M-Type, Electronically Controlled, Gas Injection (MEGI) LNG carrier newbuildings and two 30% owned LNG carrier newbuildings, all of which commenced their respective charter contracts with Royal Dutch Shell (Shell) ranging between six and 20 years in duration, plus extension options.
  • Completed an US$816 million long-term debt facility to finance all six of the partnership's 50% owned ARC7 LNG carrier newbuildings delivering through early-2020, the first of which delivered and immediately commenced its 28-year charter contract in January 2018 with Yamal Trade Pte Ltd. (Yamal LNG).
  • In January 2018, the partnership sold its 50% ownership interest in the 2005-built S/S Excelsior for net proceeds of approximately US$44 million after repaying outstanding debt obligations.
  • In February 2018, the partnership refinanced a 2018 loan maturity with a new US$197 million long-term debt facility secured by two LNG carriers on long-term contracts.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/22022018/teekay-lng-partners-release-2017-results/

 

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