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Teekay enters 15-year time-charter contract with Yamal LNG

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LNG Industry,

Teekay LNG Partners has released a statement claiming that it has entered into a 15-year time-charter contract with the Yamal LNG project to provide conventional LNG transportation services. The fixed-rate time-charter contract will be serviced by one of the company’s previously unchartered 174 000 m3 MEGI LNG carrier newbuildings, scheduled for delivery in early 2019. The Yamal LNG project itself is scheduled to commence production in 2017.

The CEO of Teekay GP LLC, Peter Evensen, said: “We are pleased that our commercial team has secured this new 15-year charter contract which expands our service offering to the now fully-financed Yamal LNG project and reduces our uncommitted newbuildings to only one vessel.

“The partnership will now provide this strategically-important project with both icebreaker and conventional LNG transportation services. In addition, the new contract further builds on the partnership’s diversified contract portfolio, providing additional long-term stability to the partnership’s cash flows.”

Edited from press release by David Rowlands

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