LNG

Teekay LNG Partners, whose gas group units own, charter or have stakes in 77 vessels, including 47 liquefied natural gas carriers and 30 liquefied petroleum gas or multi-gas vessels, reported a first-quarter net loss while adjusted revenues increased.

Teekay LNG Partners recorded strong earnings for the fourth quarter and the full year after successfully completing its newbuild programme and securing attractive time-charters during the year amid the start-up of the Bahrain import project in the Gulf.

The Kingdom of Bahrain is set to start commercial operations at its floating LNG import facility near Khalifa Bin Salman Port with partners including Teekay LNG, while pursuing exploration and production activities to find more gas.

Teekay LNG Partners, the US affiliate of the tanker fleet owner and operator of almost 50 LNG vessels, said it secured charters on three LNG carriers at attractive rates and was preparing to start the floating Bahrain LNG terminal in the Gulf as it swung to a net profit from a previous loss.

The Gulf kingdom Bahrain, set to start LNG imports soon, has signed an exploration and production sharing agreement with Eni, the Italian energy company with a recent record of huge natural gas discoveries offshore Egypt and Mozambique.

Bahrain said it would receive shipments from a variety of liquefied natural gas suppliers when the Gulf kingdom's first floating import facility comes on line in May.