Norway’s I.M. Skaugen (IMS) said it has agreed to sell its 50% interest in SPT, a global ship to ship transfer/lightering business.
IMSK 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 that are currently on a lease to IMSK from Teekay LNG Partners, the company said in a statement on Wednesday
The sale of the company’s economic interest in SPT business will be made against a consideration that will constitute a book gain for IMSK and it will be sold to a subsidiary of Teekay Corporation.
Teekay currently owns the other half of the business in a JV with IMSK.
The Boards of Directors of the companies involved have approved binding term sheets that are subject to standard closing conditions. The transactions are expected to be closed within 31 July 2015.
“ The divestment of our share in the JV of the SPT activities will improve the group’s balance sheet and working capital position, and enable the company to better execute on its LNG strategy ,” I.M. Skaugen said in a statement.
By this transaction IMS confirms its focus on core business activity; to provide logistics solutions for seaborne regional distribution of liquefied gasses such as LNG, ethane, petrochemical gases as well as LPG, it added.
LNG World News Staff; Image: SPT