GasLog Partners Wraps Up Solaris Purchase

Image Courtesy: GasLog

Greece-based GasLog Partners has finalized the acquisition of the entity that owns and charters the liquefied natural gas (LNG) carrier Solaris from GasLog Ltd.

The 2014-built vessel is currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell plc 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.

GasLog Partners and GasLog entered into the purchase deal in mid-September. The aggregate purchase price for the 155,000 cubic meter tri-fuel diesel electric carrier was agreed at USD 185.9 million, which includes USD 1 million for positive net working capital balances to be transferred with the vessel.

At the time, GasLog Partners said that the transaction would be financed with cash on hand and the assumption of USD 117 million of Solaris’ existing debt.

“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, earlier said.

With Solaris, the Partnership’s fleet now includes 12 wholly owned LNG carriers.

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