Gaslog Partners to buy Solaris from Gaslog Ltd for $185.9m

Gaslog Partners to buy Solaris from Gaslog Ltd for $185.9m


GasLog Partners LP is set to acquire Solaris from GasLog Ltd. for $185.9m. GasLog Partners plans to finance the acquisition with cash and by assuming $117m of Solaris’ existing debt.

Solaris is a 155,000 cubic meter tri-fuel diesel electric liquefied natural gas carrier built in 2014. The vessel is currently on a multi-year time charter with Shell until June 2021. Shell has two consecutive extension options which, if exercised, would extend the charter for five or ten years.

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Chief Executive Officer of GasLog Partners, Andy Orekar said: “I am very pleased to continue executing our growth strategy with this accretive dropdown transaction. Solaris represents the ninth LNG carrier the Partnership will have acquired from GasLog since our IPO, and its multi-year charter to Shell will provide incremental visible cash flows. The Acquisition will expand the Partnership’s fleet to 12 wholly owned LNG carriers, increase our contracted days to approximately 90% for 2018 and 72% for 2019, and significantly grow our contracted EBITDA.”

Chief Executive Officer of GasLog, Paul Wogan said: “We continue to execute on our strategy of dropping vessels into GasLog Partners and recycling the capital to GasLog. This transaction values Solaris at a premium to book value, allowing us to strengthen our balance sheet and providing further funding for future profitable growth. Through our unit ownership and incentive distribution rights, we will benefit from future increases in GasLog Partners’ distributions, which should continue to enhance our cash flow, growth prospects and valuation.”

For more information visit www.gaslogmlp.com and www.gaslogltd.com

24th Sept 2017

 

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