GasLog Partners Buys GasLog Seattle for USD 189 Mn

Operator of liquefied natural gas (LNG) carriers GasLog Partners LP has entered into an agreement with GasLog Ltd. to buy 100% of the shares in the entity that owns and charters the 155,000 cubic meter GasLog Seattle.

The company said that the aggregate purchase price will be USD 189 million, which includes USD 1 million for positive net working capital balances to be transferred with the 2013-built tanker.

GasLog Partners expects to finance the acquisition with cash on hand, including proceeds from its recent equity offering, and the assumption of GasLog Seattle’s existing debt.

The acquisition is expected to close in the fourth quarter of 2016 and is subject to satisfaction of certain closing conditions, GasLog Partners said.

Constructed by South Korea’s Samsung Heavy Industries and delivered in December 2013, the vessel features a length of 285 meters and a width of 44 meters.