The New York-listed International Seaways (INSW), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, announced that the Company has sold its 49.9 percent ownership interest in its joint venture with Qatar Gas Transport Company Ltd. (Nakilat), which owns four liquefied natural gas (LNG) carriers to Nakilat for $123m in cash.
The company’s president and CEO, Lois Zabrocky, said the deal demonstrated the “high level of teamwork the companies have shared for over 15 years”.
“Nakilat continued to be a valued partners of International Seaways and “remains an important part of our ongoing commitment to our business relationships in Qatar. By monetising our interest in the joint venture, we unlocked significant value for shareholders and further strengthened our balance sheet,” Zabrocky said in a statement posted on INSW’s official website.
Jeff Pribor, the Company’s CFO, added “This important transaction positions INSW to further our capital allocation strategy. Following our success growing and renewing our fleet, deleveraging and returning cash to shareholders remain our top priorities.”
In a regulatory filing to Qatar Stock Exchange (QSE) Nakilat disclosed it “ has issued the supplementary disclosure on the acquisition transaction by its subsidiary (Nakilat Marine Services Limited) in accordance with the merger and acquisition system issued by Qatar Financial Markets Authority.”
The filing noted that Nakilat Marine Services Limited ‘acquired partners’ stake in the Joint venture OSG-Nakilat Corporation.’ International Seaways is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets.
International Seaways owns and operates a fleet of 42 vessels, including 13 VLCCs, two Suezmaxes, six Aframaxes/LR2s, 12 Panamaxes/LR1s and 7 MR tankers. Through joint ventures, it currently has ownership interests in two floating storage and offloading service vessels.
