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Teekay LNG books two LNG carriers at Hyundai Samho

Teekay LNG books two LNG carriers at Hyundai Samho
Teekay LNG has booked one LNG carrier newbuilding plus one option at Hyundai Samho Heavy Industries on the back of a long term charter contract with BP Shipping.

The newbuilding LNG carriers of 174,000 cu m each, including the optional vessel if exercised, will primarily provide LNG transportation services for BP's LNG volumes form the Freeport LNG project located on Quintana Island near Freeport, Texas.

The project consists of three LNG trains with a total capacity of 13.2 million metric tonnes per annum, scheduled for start-up in 2018.

The confirmed order for one of the two fuel-efficient LNG carriers will be delivered in the first quarter of 2019. The option allows BP to exercise it by the end of the third quarter of 2015 under similar terms.

Teekay LNG intends to initially finance the installment payments for the LNG carrier newbuildings with a portion of its existing liquidity and it expects to secure long term debt financing for the vessels prior to their scheduled deliveries.

"We are excited to be supporting our second US LNG export project, adding Freeport LNG to our existing charters committed to Cheniere Energy's Sabine Pass, and we look forward to the continued growth in US LNG exports, which are expected to create substantial future demand for LNG transportation services," commented Peter Evensen, ceo of Teekay.