Seapeak To Acquire Evergas For $700m

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Seapeak LLC (Seapeak) and Jaccar Holdings (Jaccar) today announced that they have entered into a sale and purchase agreement whereby Seapeak will acquire Greenship Gas Trust and Greenship Gas Manager Pte. Ltd. and their subsidiaries (collectively, Evergas) from Jaccar in an all-cash transaction with an enterprise value of approximately $700 million, reports an article published on their website.

Benefits of the deal

Evergas owns and operates two Very Large Ethane Carriers and eight Multigas/LNG Carriers. All are on fixed-rate timecharters to Ineos and are capable of burning gas as fuel. Evergas also controls six LPG carriers under leases ending in 2024. Its corporate and operational headquarters are in Copenhagen and Singapore, respectively.

“Acquiring Evergas is another big step in Seapeak’s evolution as a leading owner and operator of liquefied gas carriers,” commented Mark Kremin, Seapeak’s CEO. “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.” Mr. Kremin continued, “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.”

Official statement

According to Philippe Soulie, Executive Chairman of Jaccar, “Evergas is the first of our prize assets to change hands, as per the plan agreed with our creditors, which consists of repositioning, over the next few years, our assets in more powerful and ambitious environments, allowing them to fully exploit their growth potential. With a leading operator such as Seapeak, successful in its core gas transportation business and sharing the same values of excellence in service, Evergas and its first-class operating team will have a bright future and promising new home.”

“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.”

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. Deutsche Bank acted as exclusive financial adviser to Jaccar in connection with the divestment of Evergas.

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Source: Sea Peak

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