Ocean Yield increases investment in Geogas LNG

Ocean Yield announced last year an investment in Geogas LNG, which provided an indirect economic interest of 34 per cent in the French company France LNG Shipping (FLS).

Ocean Yield has now agreed to purchase Access Capital Partners’ share in Geogas LNG. The transaction will increase Ocean Yield’s indirect economic interest in FLS from 34 per cent to 45 per cent.

FLS owns a portfolio of 12 LNG carriers on long-term charters to tier-one investment grade-rated European energy companies and is 50/50 owned by Japan's Nippon Yusen Kabushiki Kaisha (NYK) and Geogas LNG. The fleet consists of seven vessels on the water and five newbuildings, with an average contract duration of nine years, or 13 years including extension options.

The transaction will add approximately US$250 million to Ocean Yield's operating profit backlog. Closing of the transaction is expected to occur during the second or third quarter of 2025, subject to certain customary conditions.

NYK and Geogas Maritime will retain their shareholding and economic interest in FLS.