Flex LNG secures funds for MEGI duo acquisition

Flex LNG secures funds for MEGI duo acquisition
Image courtesy of Flex LNG

Flex LNG, the shipping company controlled by billionaire John Fredriksen, said it is considering to buy two MEGI LNG carriers from the company’s largest shareholder, Geveran Trading’s affiliates. 

According to the company’s filing to the stock exchange, the two vessels are currently under construction at the Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea and are scheduled for delivery in the second and third quarter of 2019.

The contract amounts to US$360 million for both vessels, Flex LNG said, adding that following the completion of the transaction, it would have a “uniform fleet of six LNG MEGI carriers.”

In relation to the acquisition, the company completed a private placement of 89,479,166 new shares, bringing in a total amount of NOK1.07 billion (US$125 million).

Settlement in the private placement is expected to take place on or about May 16, 2017, Flex LNG said.

Following the completion of the private placement, Geveran will own 191,131,803 shares equal to 51.95 percent of the shares and votes in the company.

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