Seapeak wraps up Evergas acquisition

Seapeak, previously known as Teekay LNG Partners, said it had completed the previously announced deal to buy Evergas for about $700 million.

Under the deal, Seapeak acquired Greenship Gas Trust and Greenship Gas Manager and their subsidiaries, collectively Evergas, from Jaccar.

With the acquisition complete, Evergas would rebrand and operate as a wholly-owned subsidiary of Seapeak, the latter said in a statement on Thursday.

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 51 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 and has a 30 percent interest in an LNG regasification terminal.

Seapeak recently ordered five 174,000-cbm LNG carriers at South Korea’s Samsung Heavy Industries for charter to US energy giant ExxonMobil.

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