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.
- 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/