International Seaways sells stake in Qatar Gas LNG jv for $123m
Tanker owner International Seaways (INSW) has sold its 49.9% interest in its joint venture with Qatar Gas Transport Company (Nakilat), which owns four liquefied natural gas LNG carriers to Nakilat for $123m.
“Nakilat and INSW worked in partnership to conclude this transaction, demonstrating the high level of teamwork the companies have shared for over 15 years,” said Lois K. Zabrocky, International Seaways’ president and ceo.
“Nakilat continues to be a very valued INSW partner and remains an important part of our ongoing commitment to our business relationships in Qatar. By monetizing our interest in the joint venture, we unlocked significant value for shareholders and further strengthened our balance sheet,” he added.
“This important transaction positions INSW to further our capital allocation strategy. Following our success growing and renewing our fleet, deleveraging and returning cash to shareholders remain our top priorities,” explained Jeff Pribor, International Seaways cfo.
International Seaways owns and operates a fleet of 42 vessels, including 13 VLCCs, two suezmaxes, six aframaxes/LR2s, 12 panamaxes/LR1s and 7 MR tankers. Through joint ventures, it currently has ownership interests in two floating storage and offloading service vessels.
Nakilat is a Qatari LNG transport company providing an essential transportation link in the State of Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprised of 69 LNG vessels.