Seapeak concludes Evergas acquisition

Bermuda-based owner and operator of liquefied gas carriers Seapeak has completed the acquisition of Danish shipping company Evergas.

Illustration/Seapeak Vancouver; Image credit: Seapeak

On 29 December, Seapeak, formerly known as Teekay LNG Partners, said it had completed the previously announced acquisition of Greenship Gas Trust and Greenship Gas Manager Pte. Ltd. and their subsidiaries (collectively Evergas) from Jaccar Holdings in an all-cash transaction worth approximately $700 million.

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With the acquisition complete, Evergas will rebrand and operate as a wholly-owned subsidiary of Seapeak.

Evergas owns and operates two very large ethane carriers and eight multigas/LNG carriers. All are on fixed-rate time charters to Ineos and are capable of burning gas as fuel. Evergas also controls six LPG carriers under leases ending in 2024. Its corporate and operational headquarters are in Copenhagen and Singapore, respectively.

Seapeak is one of the world’s largest independent owners and operators of liquefied gas carriers, providing services primarily under long-term, fee-based charters through its interests in 46 LNG carriers, 20 mid-size LPG carriers (including two on order) and six multigas carriers. The company also owns 30% of an LNG regasification terminal.