South Korean LNG shipbuilder Daewoo confirms Russian project orders cancelled amid newbuild surge
South Korean LNG shipbuilder, Daewoo Shipbuilding and Marine Engineering (DSME), said it cancelled the last of three LNG carrier orders from 2020 to serve the Yamal LNG export facility in Arctic Russia, operated by natural gas company Novatek.
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.
