Photo: illustration Seapeak Vancouver / Image credit: Seapeak

The shipping giant Seapeak, an independent owner and operator of LNG carriers, has completed the previously announced acquisition of Greenship Gas Trust and Greenship Gas Manager and their subsidiaries (collectively, Evergas) from Jaccar Holdings in an all-cash transaction with an enterprise value of approximately $700 million.

As the company says, with the acquisition complete, Evergas will rebrand and operate as a wholly-owned subsidiary of Seapeak.

“Acquiring Evergas is another big step in Seapeak’s evolution as a leading owner and operator of liquefied gas carriers,” commented upon the acquisition few months ago Mark Kremin, Seapeak’s CEO, adding that “just as we’re bullish on LNG, we’re also bullish on natural gas liquids, especially given the even greener nature of NGLs”.

According to Philippe Soulie, the Executive Chairman of Jaccar, “Evergas is the first of our prize assets to change hands, as per the plan agreed with our creditors”.

From his side Steffen Jacobsen, the CEO of Evergas, commented that “this will provide a solid platform”, as he said, “on which we can continue to grow our businesses in natural gas liquids and CO2, where we see outstanding potential for growth.”

Seapeak is an independent owner and operator of LNG carriers, providing liquefied gas services primarily under long-term, fee-based charters through its interests in 51 LNG carriers (including 5 newbuildings), 20 mid-size LPG carriers (including 2 newbuildings) and six multi-gas carriers. Seapeak’s ownership interests in these vessels range from 20 to 100 percent. In addition, Seapeak owns a 30 percent interest in an LNG regasification terminal.

Source: Seapeak