International law firm Watson Farley & Williams (WFW) has advised Teekay LNG Partners on the $327 million long-term financing for the Bahrain LNG import project.
Through a deal signed earlier this month, Teekay LNG secured funds for a floating storage unit (FSU) for the Bahrain regasification project, and one M-Type, Electronically Controlled, Gas Injection (MEGI) liquefied natural gas (LNG) carrier newbuilding, WFW said in a statement.
The FSU will be chartered over 20 years from the third quarter of 2018 and the MEGI LNG carrier has a 13-year charter contract with BP starting in early 2019.
New York-listed Teekay LNG is one of the world’s largest independent owners and operators of LNG carriers, providing LNG, LPG and crude oil marine transportation services via its fleet comprising 50 LNG carriers, 30 LPG/Multigas carriers and five conventional tankers.
Teekay LNG expects additional eight LNG carrier newbuildings, all of which are scheduled to commence charter contracts ranging between six and 28 years, to be delivered during 2018.