Seapeak acquires Evergas for $700mn
Seapeak has signed a $700mn all-cash deal with Jaccar Holdings to acquire Danish shipping company Evergas, the companies said on October 24.
Evergas owns and operates two very large ethane carriers and eight multigas/LNG carriers. All are on fixed-rate time charters to Ineos and are capable of burning gas as fuel. Evergas also controls six LPG carriers under leases ending in 2024.
“Just as we’re bullish on LNG, we’re also bullish on natural gas liquids (NGLs), especially given the even greener nature of NGLs. Already a world leader in NGLs, Ineos is now growing in LNG, and we are thrilled to be adding them as a key customer, further diversifying our portfolio,” Seapeak CEO Mark Kremin said.
“Together, Ineos and Evergas are vital to America’s liquefied gas export story and their collaboration to develop CO2 carrier trades will be vital to decarbonizing Europe,” he added.
The sale is subject to standard closing conditions and is expected to close by the end of this year, at which time Evergas, including its employees, will be rebranded under Seapeak.
Seapeak is one of the world’s largest independent owners and operators of liquefied gas carriers, providing services primarily under long-term, fee-based charters through its interests in 46 LNG carriers, 20 mid-size LPG carriers and six multigas carriers. Seapeak’s ownership interests in these ships range from 20 to 100%. In addition, Seapeak owns 30% of an LNG regasification terminal.
“At Evergas we are pleased to complete the sales process and become part of Seapeak - one of the gas industry’s biggest players, which also brings us significant financial strength,” said Steffen Jacobsen, CEO of Evergas. “This will provide a solid platform on which we can continue to grow our businesses in NGLs and CO2, where we see outstanding potential for growth.”