LNG

Golar LNG Ltd said it sold about one third of the 18.6 million New Fortress Energy Inc. shares received upon completion of the sale of Hygo Energy Transition to NFE in April 2021.

The sale is expected to raise net proceeds of approximately $250 million which Golar said it would seek to deploy to floating LNG growth projects.

“Golar is excited about new FLNG growth prospects, including those being pursued by NFE and plans to remain a supportive shareholder for the foreseeable future,” stated Golar Chief Executive Karl Fredrik Staubo in regards to the sale.

Golar LNG reorganized its business following the sale of the Hygo Energy Transition stake and Golar LNG Partners to New York-based LNG-to-power firm NFE.

Golar finalized the sale in 2021 of its 50 percent stake in Hygo Energy Transition, formerly known as Golar Power, and its 32 percent interest in its US affiliate Golar LNG Partners, both to NFE.

Hygo Energy itself was a joint venture set up between Golar and US private equity firm Stonepeak Infrastructure Partners.

Golar LNG shares had plunged more than 30 percent, on 26th of September 2020, when Hygo Energy was caught up briefly in a Brazilian corruption investigation.

Previous crisis

Golar’s stock fell after news emerged of Hygo Energy Chief Executive Eduardo Antonello being involved in a probe into certain activities before he had joined Hygo Energy. Antonello later stepped down from Hygo Energy over the controversy.

The corporate crisis came at a time when Hygo Energy was expanding its LNG-for-power projects in northeast Brazil. The business was subsequently purchased by NFE, led by its high-profile CEO Wes Edens.

The Golar assets sales deals involved NFE taking over Golar’s US unit, Golar LNG Partners. and the Hygo Energy stake.

The transactions were valued at the time at more than $5 billion in cash and assets and turned NFE into the leading gas-to-power company in Brazil while providing LNG shipping assets and experience.

NFE already had projects in Jamaica and Puerto Rico and later started LNG import ventures in Mexico and Nicaragua.

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.

Jan 14 (LNGJ) - Teekay LNG Partners, the LNG fleet owner, announced that the previously announced acquisition of the Partnership by units of US investment fund Stonepeak has now been completed and Teekay LNG Partners will rebrand as Seapeak. The common shares, which trade on the New York Stock Exchange, are now suspended from trading and will delist from the NYSE within 10 days.

   However, the Partnership’s Series A and B preferred units, which trade on the NYSE under the ticker symbols “TGP PR A” and “TGP PR B”, respectively, will remain outstanding and continue to trade on the NYSE. “The Partnership intends to convert to a limited liability company during the first quarter of 2022, at which time it will change its name to Seapeak LLC and change its Series A and B preferred units ticker symbols to “SEAL PR A” and “SEAL PR B”, respectively,” added the statement.

Teekay LNG Partners reported a jump in net income in the third quarter as the shipping company prepared for a December vote on a deal worth $6.2 billion to become the latest LNG fleet to be taken over by, or merged with, US equity fund interests.

Höegh LNG Holdings, the Norwegian shipping company acquired in a takeover by Norwegian interests and a unit of US investment bank Morgan Stanley and de-listed, said it was seeking a new Chief Executive and President after Sveinung J. S. Støhle said he was stepping down after 15 years in charge.

Teekay LNG Partners has become the latest fleet owner to be targeted by a US investment fund with Stonepeak Infrastructure Partners setting up a deal worth $6.2 billion to acquire the Bermuda-based shipping line, which has a large portfolio of vessels under charter contracts and part ownership of a Middle East LNG import terminal.

New Fortress Energy Inc, the New York-based company with expanding assets after two LNG acquisitions for shipping and Brazilian gas-to-power projects, posted a first-quarter loss as it pursues additional plans for floating LNG and natural gas production.

Golar LNG Partners said holders of common units representing limited partner interests of the LNG fleet owner had voted to approve the planned takeover by New Fortress Energy, the New York-based LNG and power project developer in Latin America and the Caribbean.

Golar LNG Partners has filed final statements with the US Securities and Exchange Commission ahead of the special meeting called for February 24 as a virtual Webcast to vote on the proposed takeover by New Fortress Energy, the New York-based LNG and power project developer in Latin America and the Caribbean.

Golar LNG Partners, the owner of 10 LNG ships, said it would hold a special meeting of unit-holders on February 24 to vote on the takeover of the company by New Fortress Energy, the New York-based LNG and power project developer in Latin America and the Caribbean.