Teekay LNG Secures Work for Newbuilding LNG Carrier

Owner and operator of liquefied natural gas carriers Teekay LNG Partners has entered into a 15-year time-charter contract with the Yamal LNG project, to provide Yamal LNG with conventional liquefied natural gas (LNG) transportation services.

The fixed-rate time-charter contract will be serviced by one of Teekay LNG’s previously unchartered 174,000 cubic meter MEGI LNG carrier newbuildings that is scheduled for delivery in early-2019.

“We are pleased that our commercial team has secured this new 15-year charter contract which expands our service offering to the now fully-financed Yamal LNG project and reduces our uncommitted newbuildings to only one vessel,” Peter Evensen, Chief Executive Officer of Teekay GP LLC, said.

Evensen added that the Partnership will now provide the project with both icebreaker and conventional LNG transportation services.

Yamal LNG, sponsored by Novatek OAO, Total SA, China National Petroleum Corporation and Silk Road Fund, is currently scheduled to commence production in 2017.

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