Teekay LNG has reached an agreement with DSME that gives it the option to delay the delivery of an unemployed newbuilding as it pushed up second quarter adjusted earnings.
The company said it will decide later this year if it will change the delivery date of the MEGI LNG carrier Torben Spirit from February 2017 to December 2017.
It added that it is currently on the hunt for employment opportunities for the vessel.
Brokers identify Torben Spirit as hull no. 2411 at DSME. They detail that the ship was originally listed as chartered to Shell.
News about the possible delay came as Teekay LNG reported higher adjusted net income of $53.8m for the second quarter.
It compared with $39.5m reported in the same stretch of 2015.
Peter Evensen, chief executive of Teekay, said: “Since reporting earnings in May 2016, the partnership has continued to execute on its portfolio of profitable growth projects.”
Teekay LNG has also made steps forward with regard to its debt financing by securing lender approvals on over $900m of new facilities.
Those will cover three MEGI LNG carrier newbuildings, the first two Yamal LNG Arc7 units and the majority of the company’s remaining LPG carriers under construction.
Among the financing initiatives that Teekay implemented during the second quarter, it agreed with parent Teekay Corp that until the partnership’s Norwegian kroner bonds maturing in 2018 have been repaid, all cash distributions will be paid in common units.
Teekay LNG has also extended the maturity date of $200m of existing inter-company loans made by Teekay Corp to January 2019.
