The Oslo Stock Exchange-listed shipowner Ocean Yield AS announced last year an investment in Geogas LNG, which provided an indirect economic interest of 34% in the French company France LNG Shipping (FLS), as Shipping Telegraph reported on July 8, 2024.
Ocean Yield has now agreed to purchase Access Capital Partners’ share in Geogas LNG. With this transaction it will increase Ocean Yield’s indirect economic interest in FLS from 34% to 45%, as the company claims in its statement.
France LNG Shipping owns a portfolio of 12 LNG carriers on long-term charters to tier-one investment grade-rated European energy companies and FLS is 50/50 owned by NYK and Geogas LNG.
The fleet consists of 7 vessels on the water and 5 newbuildings, with an average contract duration of 9 years, or 13 years including extension options.
The company says the transaction will add approximately $250m to Ocean Yield’s EBITDA backlog.
The closing of the transaction is expected to occur during the second or third quarter of 2025, subject to certain customary conditions.
“We are pleased to increase our exposure in France LNG Shipping and further grow our presence in the LNG segment. FLS has proven to be a well-established and solid performing platform, backed by industry-leading partners in NYK and Geogas Maritime, both of which retain their shareholding and economic interest in FLS,” says Andreas Røde, chief executive officer of Ocean Yield.
