GasLog Partners Acquires Two Group Firms in Q2
LNG shipper GasLog Partners acquired from GasLog 100% of the shares in the entity that owns and charters the GasLog Geneva on July 3, 2017.
The GasLog Geneva is a 174,000 cubic meter (cbm) tri-fuel diesel electric (TFDE) LNG carrier built in 2016 and operated by GasLog since delivery.
The vessel is currently on a multi-year time charter with a subsidiary of Shell through September 2023 and Shell has two consecutive extension options which, if exercised, would extend the charter for a period of either five or eight years.
The aggregate purchase price for the acquisition was $211.0 million, which included $1.0 million for positive net working capital balances transferred with the vessel.
GasLog Partners financed the acquisition with cash on hand, including proceeds from the Series A Preference Units offering, and the assumption of the GasLog Geneva's outstanding indebtedness of $155.0 million.
Earlier, on May 3, 2017, GasLog Partners acquired from GasLog 100% of the shares in the entity that owns and charters the GasLog Greece. The GasLog Greece is a 174,000 cbm TFDE LNG carrier built in 2016 and operated by GasLog since delivery.
The vessel is currently on a multi-year time charter with Shell through March 2026 and Shell has an option to extend the charter for a period of five years.
The aggregate purchase price for the acquisition was $219.0 million, which included $1.0 million for positive net working capital balances transferred with the vessel.
GasLog Partners financed the acquisition with cash on hand, including proceeds from our equity offering in January 2017, and the assumption of the GasLog Greece's outstanding indebtedness of $151.4 million.
According to the company’s latest quarterly report, the net profit in the three months ended June 30, 2017, reached $20.5 million, 9 percent down on the corresponding period in 2016.
