Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC



Billionaire Fredriksen's Flex raises $300 mln for more LNG ships

OSLO, Oct 11 (Reuters) - Flex LNG, controlled by Norwegian-born billionaire John Fredriksen, has raised $300 million in a private placement of shares to help pay for five new vessels costing $918 million, it said.

Fredriksen’s companies typically add high-yield bond issues and bank loans at a later time to pay the cost not covered by share sales.

When the vessels are delivered from the yards of South Korea’s Daewoo (DSME) and Hyundai (HHI) in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex said.

Fredriksen himself bought shares for $100 million, cutting his overall stake in the firm to 44.6 percent following the placement from 49.9 percent.

The new shares of Oslo-listed Flex were sold at 14.25 Norwegian crowns each, a five percent discount to Wednesday’s closing price of 15 crowns, and the placement was “significantly oversubscribed”, it said.

DNB Markets, Pareto Securities AS, ABN AMRO Bank, Arctic Securities, Fearnley Securities and Skandinaviska Enskilda Banken acted as managers for the share sale, the company said. (Reporting by Terje Solsvik; editing by Jason Neely)

 


Copyright © 2018. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo

FEATURED COLUMNS

Editorial Comment
-Adrienne Blume
As discussed in the HPI Market Data 2019 report, published in November by Gas Processing & LNG’s sister publication, Hydrocarbon Processing, rising propane and ethane supplies in the US have been enabled by greater production of shale gas.
Industry Trends: Norway targets global LNG market
-Eugene Gerden
Norway aims to become a leading player in the global LNG market during the next several years through the establishment of new, large-scale LNG terminals.
Regional Focus: Challenges of scaling up Africa’s LNG production
-Shem Oirere
Several gas projects are underway in Africa, but they continue to be constrained by inadequate infrastructure, slow finance mobilization, lack of security and uncertainty over hydrocarbon regulations that are casting doubt on the outcome of the continent’s drive to meet its anticipated 128% gas demand increase by 2040.


GasPro 2.0: A Webcast Symposium

Register Now

The global LNG industry is becoming increasingly interconnected as grassroots export projects get off the ground. Another technology route for processing gas into fuels—GTL—is attracting renewed attention due to improving economics. Small-scale solutions for both LNG and GTL are at the forefront of new technological developments, while major projects using more conventional technologies continue to start up around the world.

During this webcast, we will focus on LNG, GTL, gas processing technology developments and deployments, operations, small-scale solutions, transportation, trading, distribution, safety, regulatory affairs, business analysis and more.

October 25, 2018 08:30 AM CDT

Register Now

 

Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2018 Gulf Publishing Holdings LLC.