Oslo: IM Skaugen is selling all of its 50% economic interests in SPT, a ship-to-ship oil and gas transfer company, to a subsidiary of Teekay Corporation. Teekay already has a 50% stake in SPT. As part of the deal, IM Skaugen will also eventually take over two 2011-built, 12,000 cu m multigas carriers that are currently on a lease to the company from Teekay LNG Partners.
“The divestment of our share in the JV of the SPT activities will improve the group’s balance sheet and working capital position, and enable the company to better execute on its LNG strategy,” IM Skaugen said in a release.