GasLog Ltd. reports first-quarter financial results
Profit of GasLog Ltd. and its subsidiaries (“GasLog” or “Group” or “Company”), an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, for the first quarter ended March 31, 2014, rose to $6.3 million from $5.9 million (Q1 2013), the Group said in its financial report EBITDA was $31.1 million ($13.9m), earnings per share remained flat $0.09 on the same period in 2013. Quarterly dividend was $0.12 per common share payable on June 11, 2014.
On January 15, 2014, GasLog entered into an agreement to acquire three 145,000 cbm steam-powered LNG carriers for an aggregate cost of $468 million from a subsidiary of BG, with the vessels to be chartered back to Methane Services Ltd. (“MSL”), for an average six year initial term. On April 10, 2014, GasLog announced the completion of this transaction. The ships acquired are the Methane Rita Andrea, the Methane Jane Elisabeth, and the Methane Lydon Volney.
On April 10, 2014, GasLog entered into an agreement to acquire three additional 145,000 cbm steam-powered LNG carriers for an aggregate cost of $468 million from a subsidiary of BG, with the vessels to be chartered back to MSL for an average six year initial term. The ships to be acquired are the Methane Shirley Elisabeth, the Methane Heather Sally, and the Methane Alison Victoria. This transaction is expected to close in the third quarter of 2014. Successfully completed GasLog’s first follow-on equity offering, raising approximately $199 million (net of expenses) to partially fund the acquisition of the 3 BG vessels.
Placed the GasLog Chelsea on a minimum seven month charter from May 2014.
Mr. Paul Wogan, Chief Executive Officer, stated “I am very pleased that following another busy quarter the business remains on track for 2014. We grew our fleet during the quarter with the announcement of the acquisition of three on the water ships from a subsidiary of BG with an average of 6 year time charters back to BG. The vessels were delivered to GasLog on April 10, 2014. On the same day we announced a second transaction with BG to acquire three additional ships for $468 million, again with 6-year-time charters back to BG. Our two follow-on equity offerings raised in excess of $300 million. These accretive transactions will increase the size of our fully delivered fleet to 23 ships (including the three vessels contributed to the MLP). It also takes our backlog of contracted revenue to almost $3 billion. These two BG transactions alongside the acquisition of the GasLog Chelsea in 2013 demonstrate our ongoing desire and ability to acquire high quality assets with attractive return profiles as we continue to pursue our consolidation strategy."
About GasLog Ltd.
Monaco headquartered GasLog is an international owner, operator and manager of LNG carriers. Following the recently announced agreement to purchase three additional LNG carriers from an affiliate of BG Group, GasLog’s fleet will include 23 wholly owned LNG carriers (including 14 ships delivered and nine LNG carriers on order) and GasLog will have 6 LNG carriers operating under its technical management for third parties. In connection with the recently announced initial public offering of GasLog Partners LP, three of GasLog’s vessels in operation will be contributed to GasLog Partners LP upon closing of the initial public offering.