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Teekay buys IM Skaugen out of SPT with gas carrier deal

Teekay buys IM Skaugen out of SPT with gas carrier deal
Teekay has agreed with IM Skaugen to buy out the joint venture partner in SPT (formerly Skaugen PetroTrans).

IM Skaugen's 50% economic stake in the ship-to-ship transfer and lightering business will be will be traded in a series of deals which will also grant the company the right to purchase two 12,000 cu m multigas carriers.

The 2011-built carriers are currently leased to IM Skaugen from Teekay LNG Partners.

The sale of its stake in SPT to a Teekay subsidiary will be a book gain for IM Skaugen.

"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 stated in a press release.

The transaction is expected to close by the end of July, with further details revealed in the companies' Q2 results.