Avenir LNG secures funds for small-scale newbuilds

Avenir LNG secures funds for small-scale newbuildsIllustration purposes only (Image courtesy of Höegh LNG)

Avenir LNG, a joint venture set up by Stolt-Nielsen Limited, Golar LNG and Höegh LNG has completed a private placement raking in $110 million as the capitalization of the company starts. 

The private placement followed the combined $182 million investment in Avenir LNG made by Stolt-Nielsen Limited, Golar LNG and Höegh LNG.

The funds will be contributed as cash and equity-in-kind and will partly fund the construction of four 7,500-cbm small-scale LNG carriers currently under construction at Keppel Singmarine in Nantong, China, Avenir LNG said.

Funds will also be used for the two 20,000-cbm small-scale LNG carriers on order from Sinopacific Offshore Engineering in Nantong, China and 80 percent ownership in an LNG terminal and distribution facility under development in the Italian port of Oristano, Sardinia.

Avenir LNG said the placement was split into two tranches, one consisting of 99,000,000 new shares that were subscribed for by Stolt-Nielsen, that has already closed and the second consisting of 11,000,000 new shares placed with a group of institutional and other professional investors.

Units were priced at $1 per share and the second tranche closed on November 13.

Following the private placement, Stolt-Nielsen LNG will hold 45 percent of the shares, each of Golar LNG Limited and Höegh LNG Holdings Limited will hold 22.5 percent while the remainder will be initially held by the subscribers in the second tranche (Tranche B).

Share this article

Follow LNG World News


<< Apr 2019 >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Central and Eastern Europe SSLNG Forum

SSLNG projects are important for Central and Eastern Europe (CEE) because they offer opportunities for solving issues…

read more >

Klaipeda LNG Forum 2019

Klaipėda LNG forum 2019 organised by Klaipėda Science and Technology Park, Klaipėdos nafta and Embassy of the Netherlands will take place on the 15-16 May at Klaipėda Castle’s site hall, Lithuania.

read more >

Flame 2019

Flame is Europe’s largest gathering of midstream gas & LNG players, bringing together everyone who matters – from producers to utilities, purchasers, infrastructure providers, traders, regulators and policy makers.


More info

read more >