Marubeni to Acquire Ownership Interest of 8 LNG Vessels

Marubeni Corporation (Marubeni) jointly with Teekay LNG Partners L.P. (Teekay LNG) has agreed to acquire the ownership interest of 8 LNG vessels from A.P. Moller-Maersk A/S (APMM) for an aggregate purchase price of $1.4 billion. Marubeni and Teekay LNG established through their subsidiaries a 48%/52% joint venture company (JVC) in Denmark and the JVC acquires the ownership from APMM. The JVC arranges the finance for the acquisition with first class banks. APMM has operated the 8 vessels all built by Samsung Heavy Industries Co., Ltd. in 2004-2010 and owned 100% interests of 6 vessels of which 3 are chartered for a long term and 3 are under short-term charters and 26% interests of 2 vessels chartered for a long term.

Marubeni which entered into owning and operation business of LNG vessels by acquisition of 49% ownership interests of 8 vessels from BW Gas Ltd. in 2010, has been aiming at involving itself more in the business and reached a decision of this second acquisition, being confident that LNG as energy and LNG vessel as its transportation vehicle will become increasingly important.

Teekay LNG is an LNG/LPG shipowning arm of Teekay Corporation with which Marubeni wishes to take the opportunity afforded by this partnership to expand the relationship in LNG and various energy transportation businesses.