GasLog Partners buying LNG carrier Methane Becki Anne for $207.4 million

GasLog Partners, the New York-listed spinoff of LNG shipper GasLog, said Thursday it entered into an agreement with GasLog to buy 100 percent of the shares in the entity that owns and charters the LNG carrier Methane Becki Anne to Shell. 

The Methane Becki Anne is a 170,000-cbm tri-fuel diesel electric LNG carrier built in 2010 and technically managed by GasLog since delivery.

The vessel is currently on a multi-year time charter with a subsidiary of Shell through March 2024 and Shell has a unilateral option to extend the term of the time charter for a period of either three or five years.

The aggregate purchase price for the acquisition will be $207.4 million, which includes $1 million for positive net working capital balances to be transferred with the vessel and is approximately equal to the vessel’s net book value, GasLog Partners said in its third-quarter report.

GasLog Partners expects to finance the acquisition with cash on hand, plus the assumption of the Methane Becki Anne’s outstanding indebtedness of $93.9 million.

The acquisition is expected to close in the fourth quarter of 2018.

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