Skaugen Exits Lightering Scene

zoom Oslo-headquartered gas carrier owner and operator I.M. Skaugen has agreed to sell all of its 50% economic interests in its lightering joint venture SPT to Teekay Shipping Corporation. Following the transaction, Teekay will have a 100% control of STP. Skaugen will also by this series of transactions acquire the right to purchase two Multigas type gas carriers of 12,000 cbm, built in 2011 and currently on a lease to Skaugen from Teekay LNG Partners LP. The transactions are expected to be closed by July 31, 2015. Skaugen believes that the divestment of its share in the SPT activities will improve the groups balance sheet and working capital position, and enable the company to better execute on its LNG strategy. Skaugens plan is to focus on its core business activity; to provide logistics solutions for seaborne regional distribution of liquefied gasses such as LNG, ethane, petrochemical gases as well as LPG.