I.M. Skaugen SE group announces sale and leaseback of the vessel Norgas Petaluma
I.M. Skaugen SE group of companies and Pareto Project Finance AS, Oslo have agreed terms pursuant to which IMS will sell the 8.500 cbm sized LPG / Ethylene carrier Norgas Petaluma to GasMar AS for USD 24.0 mill, which reflects the fair market value of the Vessel. GasMar is a Norwegian company set up by Pareto with international investor backing, the company said in its press release.
The Vessel is expected to be delivered to the buyer in early December 2014, and immediately thereafter redelivered to IMS pursuant to a bareboat charter party for 5 years. The bareboat charter party is at a fixed-rate plus a profit sharing mechanism linked to the actual Time Charter earnings of the Vessel. The Vessel will continue as participant of the Norgas Revenue Sharing Pool and the Vessel will be managed by Norgas Carriers.
The net cash flow from the sale of Norgas Petaluma of about USD 19.2 mill will be used to reduce corporate debt associated with the Vessel and other corporate purposes.
I.M. Skaugen SE is a Marine Transportation Service Company, with a focus on Innovative Maritime Solutions. IMS core business activity is to provide logistics solutions for seaborne regional distribution of liquefied gasses such as LNG and petrochemical gases as well as LPG.
