Awilco LNG firms up Teekay deal, readies share offering

Oslo-based Awilco LNG signed the final agreement with Teekay LNG Partners fulfilling the conditions for the private placement to be issued on June 19.

According to a company’s previous notice, it intends to raise NOK 215 million (US$25 million) through a private placement of 61,400,000 shares in order to re-establish a robust financial platform.

In addition, Awilco LNG will issue additional 5,715,000 shares valued at NOK 3.5 for shareholders who were not invited to participate in the private placement.

To remind, Awilco LNG signed an agreement with Teekay LNG Partners, extending the current bareboat charters for the company’s two vessels, WilForce and WilPride, to December 31, 2019, with an option for early termination of the charters to enable Awilco to refinance the vessels at any time before maturity of the charter deals.

LNG World News Staff