DSME: LNG Carrier ‘WilPride’ Delivered

LNG Carrier 'WilPride' Delivered

Awilco LNG’s second 156,000 cbm Tri Fuel Diesel Electric powered liquefied natural gas (LNG) carrier, the ‘WilPride’ was delivered from Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea on November 28th 2013.

As with the first vessel (WilForce), Teekay LNG purchased the second vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate.

Awilco has fixed-price purchase obligations for both vessels at the end of both the firm charter period and option period. The both vessels, the first of which was delivered on September 16, 2013, are expected to generate annual Distributable Cash Flow of approximately $7.5 million each.

The vessel was delivered on budget and on time.


SBT Staff, December 3, 2013

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