Seapeak to buy Evergas for $700 million

Seapeak, previously known as Teekay LNG Partners, said it had entered into a deal with Jaccar to buy Evergas in an all-cash transaction with an enterprise value of about $700 million.

Under the deal, Seapeak said in a statement it would acquire Greenship Gas Trust and Greenship Gas Manager and their subsidiaries, collectively Evergas.

Denmark-based Evergas owns and operates two very large ethane carriers and eight multigas/LNG carriers. All of these vessels are on fixed-rate charters to Ineos and are capable of burning gas as fuel.

Besides these ships, Evergas also controls six LPG carriers under leases ending in 2024.

On the other hand, Teekay LNG Partners rebranded as Seapeak earlier this year following the completion of its $6.2 billion merger deal with private equity firm Stonepeak Infrastructure Partners.

The shipping firm has interests in 46 LNG carriers and is one of the world’s largest operators of such vessels. It also operates 20 midsize LPG carriers and six multigas carriers.

“Acquiring Evergas is another big step in Seapeak’s evolution as a leading owner and operator of liquefied gas carriers,” Mark Kremin, Seapeak’s CEO said in the statement.

“Just as we’re bullish on LNG, we’re also bullish on natural gas liquids (NGLs), especially given the even greener nature of NGLs. Already a world leader in NGLs, Ineos is now growing in LNG, and we are thrilled to be adding them as a key customer, further diversifying our portfolio,” he said.

“Together, Ineos and Evergas are vital to America’s liquefied gas export story and their collaboration to develop CO2 carrier trades will be vital to decarbonizing Europe,” Kremin said.

The sale remains subject to standard closing conditions.

Seapeak expects the deal to close by the end of this year, at which time Evergas, including its employees, would be rebranded under Seapeak.

Most Popular

Shell ships first LNG Canada cargo

LNG giant Shell and its partners have shipped the first cargo produced at the LNG Canada facility in Kitimat, on the west coast of Canada.

Knutsen, Shell name ninth LNG newbuild

Norwegian shipowner Knutsen and UK-based energy giant Shell have named the ninth and final LNG carrier in a series of 174,000-cbm vessels.

BP seals LNG SPA with Italy’s A2A

UK-based energy giant BP has signed a long-term liquefied natural gas (LNG) supply deal with Italian electricity and gas distributor A2A.

More News Like This

Ineos to supply gas to Covestro

UK's Ineos has signed a deal to supply natural gas to Germany's Covestro.

BP exercises option to terminate charter deal for Seapeak LNG carrier

A unit of UK-based energy giant BP has exercised its option to terminate the existing charter deal for one of Seapeak's liquefied natural gas (LNG) carriers.

Seapeak to sell steam LNG carriers

Stonepeak’s Seapeak plans to sell three steam liquefied natural gas (LNG) carriers that were placed in layup in early 2025.

Seapeak buys Navigare’s LNG carrier for $213 million

The LNG carrier in question is the 174,000-cbm dual-fueled, Marvel Swan. Seapeak, previously known as Teekay LNG Partners, said in...