NEWS
Teekay wins two Tangguh carrier contracts
Nassau, Bahamas, July 27 (LNG journal)
- Teekay Shipping Corp., the world's largest tanker operator in terms of numbers, said it won contracts for the Tangguh liquefied natural gas project in Indonesia for two newbuild 155,000 cubic metres LNG carriers.
The vessels will be operated by Teekay LNG Partners, a recently-formed subsidiary that was listed on the New York Stock Exchange in May. The charters will be over 20 years at fixed rates, with inflation adjustments, and commencing in late 2008 and early 2009, a Teekay statement said.
Teekay said it has exercised shipbuilding options with Hyundai Heavy Industries of South Korea to construct the two carriers. An unnamed Indonesian partner has taken a 30 percent interest in the vessels, the company said.
Teekay, which transports more than 10 percent of the world's seaborne oil with a fleet of more than 140 tankers, formed Teekay LNG earlier this year to move into the expanding natural gas market.
The Tangguh LNG project is in Papua , Indonesia , is operated by majority owner BP. Teekay will transport LNG from Tangguh to K-Power and POSCO in Korea and to Sempra Energy on the west coast of Mexico .
Teekay announced on May that it acquired a majority interest in three other LNG newbuilds, which are scheduled for delivery during the fourth quarter of 2006 and the first half of 2007 at a total cost of $592 million, of which $468 million will be long-term financing. These will be used in the RasGas II project in Qatar .
Teekay LNG said it anticipates that Qatar Gas Transport Co. will exercise its right to acquire up to a 30 percent interest in these vessels, leaving Teekay LNG with a 70 interest and reducing its financial commitment for the vessels.
