WFW advises Teekay LNG joint venture on US$1.6bn financing for innovative icebreaker LNG carrier newbuildings

Once completed these 172,410 cubic meter vessels will have 2.1 metre icebreaking capabilities in both forward and reverse and will service the Yamal LNG project under charter contracts out to 2045 (plus options), with the first vessel scheduled to deliver and commence its charter contract in January 2018. 

The Yamal LNG project in Arctic Russia is one of the largest and most complex LNG projects in the world, with three planned LNG trains with a total expected capacity of 16.5mn metric tons of LNG per annum and year-round transit across Arctic sea routes from the new terminal at Sabetta, specifically constructed for the project, to customers in Asia and Europe whatever the climatic conditions.  Completion of the financing at the end of last week also coincided with the first commercial LNG being dispatched from Yamal on the first of the fifteen Arc7 LNG carriers leaving Sabetta.

The WFW team advising Teekay LNG was led by Partner David Osborne assisted by Senior Associate Patrick Smith and Associate Natalia Golovataya.

David commented: “We are very pleased to have assisted our valued client Teekay LNG and their joint venture partner China LNG in concluding this financing for these Arc7 LNG carrier newbuildings".

Firm Chairman, Nigel Thomas, added: "Over the past 12 months, WFW is delighted to have advised Teekay LNG on around US$2.2bn in debt financings for its various LNG carrier growth projects”.