Seaspan Corporation eyeing Vietnamese LNG-to-power project investment

Seaspan Corporation, the independent containerships operator, signed a $200 million investment term sheet with the Singapore-based EPC company Swiber Holdings. 

The deal would be completed in two tranches, one of which would include a potential investment in a $1 billion LNG-to-power project in Vietnam.

The first tranche would include a $20 million investment in Swiber, which is currently under judicial management and is undergoing restructuring. The investment would provide Seaspan Corporation with an 80 percent interest in the company.

The second tranche of $180 million would be invested in the Vietnamese LNG-to-power project.

Seaspan added it intends to fund the investment with cash on hand, however, the closing of the second part of the investment is subject to a number of conditions that remained undisclosed by the company.

In May this year, a Dallas-based Energy Capital Vietnam (ECV) signed a memorandum of understanding with the Bac Lieu province in Vietnam to develop an LNG-to-power project.

It would be the first privately-funded and owned LNG project in the country, with ECV being the exclusive investor, that started a search for strategic investment partners following the execution of the memorandum.

LNG World News Staff