Norway’s Equinor benefits from new role as main pipeline gas supplier to Europe with record earnings
Norwegian energy major Equinor, the main supplier of pipeline natural gas to Europe and an LNG producer and exporter, reported soaring profits and record cash flow from becoming the primary gas supplier to its European neighbours after the cutting of Russian gas pipelines.
Teekay LNG Partners formally takes name Seapeak and implements corporate changes after takeover
Seapeak LLC, formerly known as Teekay LNG Partners and with interests in 47 LNG carriers, 20 mid-size liquefied petroleum gas carriers and seven multi-gas vessels, has formally taken the name of Seapeak and implemented several corporate changes.
The Teekay partnership in January 2022 officially became part of the US investment fund firm, Stonepeak Infrastructure Partners, and the renaming process to Seapeak began.
Seapeak’s ownership interests in these 74 vessels range from 20 percent to 100 percent and the company also owns a 30 percent interest in the Bahrain LNG regasification terminal in the Arabian Gulf.
The company said that effective from February 25 Teekay was converted from a limited partnership formed under the laws of the Republic of the Marshall Islands into a Marshall Island limited liability company.
“Accordingly, all of the rights and liabilities of Teekay LNG in its prior partnership form are automatically vested in Seapeak,” said a statement.
“Concurrent with the conversion, Teekay has changed its name from Teekay LNG Partners LP to Seapeak,” it added.
The changes extend to the stock exchange ticker symbols and those for outstanding securities.
Teekay’s New York Stock Exchange preferred units ticker changes from TGP to SEAL.
Oslo-listed bonds
Effective from March 1, 2022, the ticker symbols for Seapeak’s Norwegian Kroner-denominated bonds listed on the Oslo Børs will be changed from TKLNG05, TKLNG06 and TKLNG07 to SPK05, SPK06 and SPK07 respectively.
As regards the NYSE common units, these were delisted in January 2022.
Teekay had started its LNG business in 2004 and publicly listed as Teekay LNG Partners on the NYSE in 2005.
Over the next 18 years, the shipping line built an LNG franchise into the world’s third-largest independent LNG carrier owner and operator.
It also expanded the business into the LPG carriers sector and completed several highly specialized and complex projects.
These included building six Arc7 ice-breaker LNG carrier for the Russian Yamal LNG project and it became part of the joint venture in Bahrain to build and deliver the Arab kingdom’s regasification terminal.
Höegh shares halt
May 5 (LNGJ) - Trading in shares of Höegh LNG Holdings Ltd, the LNG fleet and projects company, has been suspended by the Oslo Børs in Norway to avoid incorrect registration of orders and trades in a situation where the company will no longer have any shares outstanding for trading. This follows the announcement that the family-controlled firm Leif Höegh and Co. and funds managed by Morgan Stanley Infrastructure Partners have completed the acquisition of Höegh LNG to take it private. However, the common and preferred units of US affiliate, Höegh LNG Partners LP, will remain outstanding and continue to trade on the New York Stock Exchange.
“With the completion of the amalgamation, the joint venture intends to undertake a comprehensive review of the company’s operational and financial strategy and that of its affiliates to strengthen the financial profile of the group and will carefully review its integrated business plan including future financial needs,” added the Leif Höegh and Co. statement.
