New York headquartered and NYSE-listed asset manager Apollo Global Management, Inc (Apollo) and Norwegian based HitecVision, an investor in the European energy industry, have announced that Apollo-managed funds (Apollo Funds) have agreed to acquire maritime liquefied natural gas carrier (LNGC) infrastructure platform Hav Energy LNG Holding AS (Hav Energy) from HitecVision.
The financial terms of this deal were not disclosed by both parties.
Established by HitecVision in 2022, Hav Energy invests in LNGC infrastructure projects in partnership with Knutsen LNG, a large Norwegian based owner-operator of LNGCs globally, and jointly owns a portfolio of 10 newbuild LNGCs, which are 100% contracted on long-term charters with investment grade counterparties. The portfolio includes two modern operating vessels and eight under construction at the Hyundai Heavy Industries shipyard in Korea due to be delivered in 2025 and 2026.
“Hav Energy has quickly scaled into a top platform facilitating the global transport of LNG, which we view as a bridge fuel capable of reducing emissions for rapidly growing power demand. We are excited to work with the Hav Energy team and their aligned, well-regarded partners in Knutsen to accelerate growth of the platform, which we believe can serve as a vital infrastructure link supporting enhanced energy resiliency for customers around the world,” says Joseph Romeo, Apollo Partner.
“This transaction represents a critical juncture for Hav Energy as we continue to build a next-generation fleet of LNG infrastructure carriers and pursue attractive growth opportunities to expand our capabilities alongside our new partners at Apollo. We are grateful for the guidance, backing and strategic support from HitecVision, which has been instrumental in our development and positions us for our next phase of growth as industry tailwinds continue to drive long-term LNG demand globally,” says Randi Vestbø, CEO of Hav Energy.
“We are proud that we in partnership with Knutsen LNG and the Hav management team have been able to develop Hav LNG into a differentiated, highly scalable platform, leveraging HitecVision’s significant expertise in building companies within the energy space. With a leading management team, strong institutional partners and clear strategy, we believe Hav Energy is well positioned for future success,” says Jan H. Solstad, Senior Partner of HitecVision.
