- Apollo Global Management to acquire Hav Energy LNG Holding AS from HitecVision, expanding in maritime LNG carrier infrastructure.
- Hav Energy owns 10 LNG carriers, including 2 operating and 8 under construction, all under long-term charters.
- The acquisition aligns with growing global LNG demand, projected to exceed 600 million metric tons annually by 2040.
Apollo Global Management (NYSE: APO) and HitecVision, a leading investor in the European energy industry, have announced the acquisition of Hav Energy LNG Holding AS (“Hav Energy”). This strategic move enhances Apollo’s position in the LNG infrastructure sector. The financial details of the deal remain undisclosed, according to GlobeNewsWire.
Hav Energy’s Role and Growth
Founded in 2022 by HitecVision, Hav Energy focuses on investments in LNGC infrastructure projects, operating in partnership with Knutsen LNG. Together, they manage a fleet that includes 10 LNG carriers, two of which are currently operational, and eight vessels under construction at Hyundai Heavy Industries, to be delivered in 2025 and 2026. These vessels are all contracted to investment-grade counterparties on long-term charters, ensuring financial stability.
Global LNG Market Growth
The global LNG industry is set for significant growth, with projections indicating LNG imports could exceed 600 million metric tons annually by 2040. This is driven by rising demand for LNG in Asia and Europe, as well as the ongoing transition to cleaner energy sources in heavy industries and transportation. The expected growth in liquefaction capacity, alongside a limited supply of new LNG vessels, provides strong tailwinds for Hav Energy’s future.
Statements from Key Stakeholders
Joseph Romeo, Partner at Apollo highlighted, “Hav Energy has quickly scaled into a top platform facilitating the global transport of LNG, which we view as a bridge fuel capable of reducing emissions for rapidly growing power demand. We are excited to work with the Hav Energy team and their aligned, well-regarded partners in Knutsen to accelerate the growth of the platform, which we believe can serve as a vital infrastructure link supporting enhanced energy resiliency for customers around the world.”
Randi Vestbø, CEO of Hav Energy, said “This transaction represents a critical juncture for Hav Energy as we continue to build a next-generation fleet of LNG infrastructure carriers and pursue attractive growth opportunities to expand our capabilities alongside our new partners at Apollo. We are grateful for the guidance, backing and strategic support from HitecVision, which has been instrumental in our development and positions us for our next phase of growth as industry tailwinds continue to drive long-term LNG demand globally.”
Jan H. Solstad, Senior Partner at HitecVision, said “This transaction represents a critical juncture for Hav Energy as we continue to build a next-generation fleet of LNG infrastructure carriers and pursue attractive growth opportunities to expand our capabilities alongside our new partners at Apollo. We are grateful for the guidance, backing and strategic support from HitecVision, which has been instrumental in our development and positions us for our next phase of growth as industry tailwinds continue to drive long-term LNG demand globally.”
Legal and Advisory Support
Thommessen, Stephenson Harwood LLP, and Vinson & Elkins LLP acted as legal counsel for the Apollo Funds in this transaction. HitecVision was advised by DNB Markets and the law firm BAHR.
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Source: GlobeNewsWire
