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Total unloads last equity in LNG company GTT to Temasek

09th December 2014

Total has entered into a definitive agreement for the acquisition by Temasek of Total’s entire remaining stake in GTT (Gaztransport & Technigaz), representing 10.4 per cent of the company

Total has entered into a definitive agreement for the acquisition by Temasek of Total’s entire remaining stake in GTT (Gaztransport & Technigaz), representing 10.4 per cent of the company
GTT is the world leader in cryogenic membrane containment systems used in the shipbuilding industry for the transport of LNG. Source: GTT

In February 2014, during GTT’s initial public offering, Total reduced its shareholding from 30 per cent to 10.4 per cent. Following the two transactions, Total will have raised more than USD 650m from the sale of its entire stake in GTT.

”We are pleased by Temasek’s acquisition of an interest in our capital, as a long-term shareholder. Its geographical roots and its experience in the LNG and marine industries fit perfectly well with the company’s strategy,” said Philippe Berterottière, chairman and CEO of GTT. “With Temasek’s support, our aim is to consolidate our world leading position and expertise in the transport of LNG and to pursue our development in innovative and competitive technologies and in the new growing areas of liquefied gases.”

Completion of the transaction is expected in the coming days.

“With this transaction, Total continues to unlock significant value from its portfolio and to focus on its strategic assets,” commented Yves-Louis Darricarrère, president Upstream and president Gas & Power at Total.

“Already a market leader, GTT is well positioned to benefit from the expected growth of the LNG sector. By taking an equity stake in GTT, Temasek demonstrates its confidence in the company’s long-term potential and in the industry.”

Established in 1974, Temasek is an investment company based in Singapore with a USD 177bn portfolio as at March 31, 2014.  

GTT is the world leader in cryogenic membrane containment systems used in the shipbuilding industry for the transport of LNG.

For over 50 years, GTT has offered to its customers technologies which allow them to optimise storage space and reduce the construction and operation costs of ships or tanks equipped with these systems.

GTT operates in several sectors: LNGCs (Liquefied Natural Gas Carriers) and VLECs (Very Large Ethane Carriers), Multi-gas carriers, FLNGs (Floating Liquefied Natural Gas units), FSRUs (Floating Storage and Regasification units), onshore storage tanks and the use of LNG as a fuel.

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