Oil and gas major Total has entered into a deal to sell its entire remaining stake in GTT (Gaztransport & Technigaz) to Singapore-based investment company Temasek.
In February 2014, during GTT’s initial public offering, Total reduced its shareholding from 30% to 10.4%.
Following the two transactions, Total will have raised more than 650 million dollars from the sale of its entire stake in GTT. Completion of the transaction is expected in the coming days.
“With this transaction, Total continues to unlock significant value from its portfolio and to focus on its strategic assets,” commented Yves-Louis Darricarrère, President Upstream and President Gas & Power at Total. “Already a market leader, GTT is well positioned to benefit from the expected growth of the LNG sector. By taking an equity stake in GTT, Temasek demonstrates its confidence in the company’s long-term potential and in the industry.”
GTT is the world leader in cryogenic membrane containment systems used in the shipbuilding industry for the transport of LNG.
GTT operates in several sectors: LNGCs (Liquefied Natural Gas Carriers) and VLECs (Very Large Ethane Carriers), Multi-gas carriers, FLNGs (Floating Liquefied Natural Gas units), FSRUs (Floating Storage and Regasification units), onshore storage tanks and the use of LNG as a fuel.