November 14, 2018

Investment in Avenir completed

The $182 million investment by Stolt-Nielsen, Golar LNG and Höegh LNG Holdings in Avenir LNG, announced on 1 October, has been completed.

The investment will be contributed as cash and equity-in-kind and will partly fund construction of four 7,500cbm small-scale LNG carriers currently under construction at Keppel Singmarine in Nantong, China; two 20,000cbm small-scale LNG carriers on order from Sinopacific Offshore Engineering in Nantong, China; and 80% ownership in an LNG terminal and distribution facility under development in the Italian port of Oristano, Sardinia.

This placement was split in two tranches.

Tranche A consisted of 99 million new shares that were subscribed for by Stolt-Nielsen Ltd, (49.5 million shares), Golar LNG (24.75 million shares) and Höegh LNG Holdings (24.75 million shares).

Tranche B consisted of 11 million new shares placed with institutional and professional investors on 8 November.

Clarksons Platou Securities, Danske Bank (Norway), DNB Markets, Fearnley Securities, Nordea Bank Abp Filial Norge, Pareto Securities, Swedbank Norge and Swedbank in cooperation with Kepler Cheuvreux and Skandinaviska Enskilda Banken (Oslo) acted as managers in the private placement issuance.