BG Hands Over Two LNG Carriers to GasLog

Monaco-based owner and operator of LNG carriers GasLog has drawn down on a USD 460 million credit facility led by DNB Bank to complete the previously announced acquisition of two LNG carriers from Methane Services Limited (MSL), a subsidiary of BG Group.

The two vessels are the 2010-built, 170,000 cbm Methane Becki Anne and Methane Julia Louise.

This completes the third acquisition of ships from BG by GasLog in the last twelve months, with eight vessels acquired in total.

The two ships will be chartered back to MSL for nine and eleven-year initial terms. The nine and eleven-year charters add approximately USD 580 million of contracted revenue over the charter period and are expected to provide a combined annual EBITDA of approximately USD 46 million.

MSL has options to extend the term of the time charters for each vessel for three or five years at its election.

”We believe this transaction reaffirms our commitment to BG and their appreciation of GasLog as a long-term service provider of LNG shipping,” Paul Wogan, CEO of GasLog, said.

”It is also an important step in realizing the GasLog 40:17 Vision1 that we announced at our capital markets day in December and we are continuing to develop further attractive opportunities to grow our fleet. These ships also add growth to the Gaslog Partners dropdown pipeline and should, we believe, enhance the sum of the parts valuation of GasLog.”