Ocean Yield buys CapeOmega Gas Transportation to strengthen LNG profile
Norwegian ship owner Ocean Yield has acquired CapeOmega Gas Transportation from Partners Group, strengthening its profile in the LNG charter market.
CapeOmega co-owns 10 LNG carriers operated by Knutsen LNG, an owner and operator of LNG carriers. Seven vessels are currently on the water with an average age of two years, and three more are to be delivered from the shipyard in 2025 and 2026.
All vessels are employed on long-term charters to Shell, Engie and QatarEnergy, with an average contract duration of nine years, or 16 years including extension options. The transaction adds approximately $120m to Ocean Yield’s adjusted EBITDA backlog.
Andreas Røde, CEO at Ocean Yield, said co-investing with KKR in this transaction provides attractive exposure to modern LNG carriers, all employed on long-term charters to investment grade-rated counterparties.
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