GasLog Partners to Buy LNG Carrier Solaris

Image Courtesy: GasLog

Greece-based GasLog Partners has entered into a deal to purchase 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) carrier Solaris from GasLog Ltd.

The aggregate purchase price for the 155,000 cubic meter tri-fuel diesel electric carrier will be USD 185.9 million, which includes USD 1 million for positive net working capital balances to be transferred with the vessel.

GasLog Partners expects to finance the acquisition with cash on hand and the assumption of USD 117 million of Solaris’ existing debt.

The transaction is expected to close in the fourth quarter of 2017.

Built in 2014, Solaris is currently on a multi-year time charter with a subsidiary of Royal Dutch Shell through June 2021. Shell has two consecutive extension options which, if exercised, would extend the charter for a period of either five or ten years.

“Solaris represents the ninth LNG carrier the Partnership will have acquired from GasLog since our IPO, and its multi-year charter to Shell will provide incremental visible cash flows,” Andy Orekar, Chief Executive Officer of GasLog Partners, said.

“The acquisition will expand the Partnership’s fleet to 12 wholly owned LNG carriers, increase our contracted days to approximately 90% for 2018 and 72% for 2019, and significantly grow our contracted EBITDA,” Orekar added.

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