Awilco LNG reworks charter deals with Teekay

Awilco LNG reworks charter deals with TeekayImage courtesy of Awilco LNG

Oslo-based Awilco LNG agreed more flexible charter deals with Teekay LNG and intends to raise NOK 215 million (US$25 million) through a private placement in order to re-establish a robust financial platform. 

According to the company’s statement, it has retained ABG Sundal Collies as its advisor on the private placement that is scheduled to close on or about June 12.

In addition to the private placement, Awilco LNG secured a prolonged and more flexible agreement with Teekay LNG for a restructuring of its bareboat charter deals.

The new agreement with Teekay LNG includes an extension of the current bareboat charters for the company’s two vessels, WilForce and WilPride, to December 31, 2019, and an options for early termination of the charters to enable Awilco to refinance the vessels at any time before maturity of the charter deals.

“Furthermore, the amended agreement also include a front-loaded reduction in the bareboat rate payable to Teekay through the deferral of up to $29 million in charter hire to Teekay LNG,” the statement reads.

The net proceeds from the aforementioned private placement will be used to strengthen Awilco LNG’s balance sheet and liquidity position and secure the final agreement with Teekay LNG.

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