GasLog Opts for Samsung Diesel Electric LNG Carriers, South Korea

GasLog Ltd. (GasLog) has ordered two new 174,000 cbm Tri-Fuel Diesel Electric LNG carriers from Samsung Heavy Industries Co., Ltd. (Samsung) in South Korea.

The vessels are expected to be delivered in Q1 and Q2 2016, respectively, and upon delivery will commence firm ten-year charters with a subsidiary of BG Group plc.

The two vessels are expected to have a combined fully delivered cost of approximately US$410-$420million and are expected to generate a combined annualized EBITDA1 of approximately US$47–$48million over the first twelve months of operation. In addition, GasLog has secured a total of four options from Samsung at similar prices and terms until the end of July 2013.

Paul Wogan, CEO of GasLog, said “We are very pleased to be building the new vessels at Samsung as they have a solid track record for delivering vessels on time and on budget for GasLog and the options we have secured show a strong commitment between GasLog and Samsung to continue to support each other’s growth ambitions. We believe that these new orders further enhance our position as one of the worlds leading LNG ship owners.”

Following the successful delivery of the GasLog Shanghai into a BG Group charter on January 29, 2013, GasLog now has a twelve-ship fully owned fleet, of which three ships have been delivered and are on charter and nine ships are either under construction or to be constructed through Q2 2016.

[mappress]

Press Release, February 8, 2013