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Teekay LNG in 2nd Awilco buy and leaseback deal

Teekay LNG in 2nd Awilco buy and leaseback deal
Teekay LNG Partners has acquired a second LNG carrier newbuilding from Awilco which it will then charter back to the Norwegian owner.

Teekay LNG is paying $205m for the 155,900 cu m newbuilding less a $50m upfront prepayment of charter hire by Awilco.

The vessel is due to be delivered by Daewoo Shipbuilding and Marine Engineering (DSME) in the fourth quarter of this year and will be bareboat chartered to Awilco for four years with a one year option.

"Further to our August 2013 announcement on the first Awilco LNG carrier newbuilding, the acquisition-leaseback of a second vessel from Awilco will provide Teekay LNG with additional near-term accretive cash flows," commented Peter Evensen, ceo of Teekay LNG.

The deal is expected to close in the fourth quarter of 2013.