Höegh LNG Holdings has entered into an agreement with Cool Company (CoolCo) to buy the 2013-built LNG carrier Golar Seal for $184.3m.
In a statement, CoolCo said the deal for the 160,000 cbm capacity vessel is expected to close on redelivery of the vessel from its current charter in late March “meaning the buyer shall assume all costs associated with the Vessel’s forthcoming dry-dock, increasing the effective economic value to CoolCo to approximately $190m”.
Richard Tyrrell, CEO, said through the sale of the Golar Seal, the earliest vessel in its fleet to be built, it is demonstrating a “disciplined approach” to locking in shareholder value.
He said, “The valuation highlights the re-pricing of the LNG carrier market and strategic value of such LNG infrastructure assets. A 2.5x cash-on-cash return in little more than 12 months since CoolCo’s formation shows the considerable upside in our fleet.
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