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Gold/Mining/Energy : LNG
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To: Dennis Roth who wrote (159)7/1/2004 10:13:43 AM
From: DHB  Read Replies (1) of 919
 
09:10 ET Teekay Shipping awarded three L-T LNG contracts (TK) 37.38: Co announced today that it has been awarded contracts to charter three liquefied natural gas ("LNG") carriers to Ras Laffan Liquefied Natural Gas Co. Limited, a joint venture company between a subsidiary of ExxonMobil Corp and Qatar Petroleum. The vessels will be chartered to RasGas II at fixed rates, with inflation adjustments, for a period of 20 years (with options to extend up to 35 years), commencing in late 2006 and early 2007. In connection with these charter contracts, TK has entered into agreements with Daewoo Shipbuilding & Marine Engineering Co. Ltd. to construct three LNG carriers, representing a total contract price of approx $510 mln. The charter contracts are expected to generate approx $55 mln in annualized cash flow from vessel operations.
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