From Indonesia
Shipping Gazette
July 30
2005
TEEKAY WINS TWO
CONTRACTS FOR TANGGUH LNG PROJECT
BAHAMAS-registered tanker and gas
carrier operator Teekay Shipping Corporation has been awarded contracts to charter
two 155,000 cubic meter liquefied natural gas (LNG) carriers to the Tangguh LNG
project in Indonesia
.
The 20-year fixed-rate charters will be with the Tangguh Production Sharing
Contractors, a consortium led by BP Berau, a subsidiary of BP plc. The vessels
will be chartered at fixed rates, with inflation adjustments, commencing in
late 2008 and early 2009.
To fulfil the charters Teekay has exercised shipbuilding options with Korea’s Hyundai
Heavy Industries construct two LNG carriers “at preferential prices compared to
current market values”.
Teekay says it is entering into these transactions with an Indonesian partner
who has taken a 30%interest in the vessels. In accordance with existing
agreements, Teekay is required to offer its ownership interest in these vessels
and related charter contracts to its 78 percent owned subsidiary Teekay LNG
Partners.
JALESVEVA YAYAMAHE
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