Norway’s ship owning company Ocean Yield AS has announced that, together with vehicles managed by investment firm KKR, has agreed to purchase 100% of the shares in CapeOmega Gas Transportation AS (CapeOmega) from Partners Group, acting on behalf of its clients.
In a stock exchange filing, the company said that CapeOmega co-owns ten LNG carriers operated by Knutsen LNG, an owner and operator of LNG carriers.
Seven vessels are currently on the water with an average age of two years, and three vessels are to be delivered from the shipyard in 2025 and 2026.
All vessels are employed on long-term charters to the tier-one investment grade-rated energy companies, Shell, Engie and QatarEnergy, with an average contract duration of 9 years, or 16 years including extension options.
Ocean Yield said the deal would add around $120m to Ocean Yield’s adjusted EBITDA backlog.
Andreas Røde, chief executive officer at Ocean Yield, commented: “We are pleased to co-invest with KKR in this transaction, which provides attractive exposure to modern LNG carriers, all employed on long-term charters to investment grade-rated counterparties.”
The closing of the transaction is expected to occur during the second half of 2025.
In the stock exchange filing, Ocean Yield AS noted that “KKR is expected to inject additional equity into Ocean Yield to help maintain a robust balance sheet with capacity for further growth.”
