Milaha announced that its wholly owned subsidiary, Qatar Shipping Company, acquired the remaining 60% interest in each of the two entities that own the Liquefied Natural Gas (LNG) carriers, Milaha Ras Laffan and Milaha Qatar, from Société Générale, thereby increasing its stake in those entities from 40% to a controlling 100%.
The vessels are chartered to RasGas under a 25 year long-term fixed time charter agreement. Milaha Ras Laffan and Milaha Qatar have approximately 14 years and 16 years remaining, respectively, under the time charter agreement.
Both vessels were built by Samsung Heavy Industries. Milaha Ras Laffan was built in 2004 with a capacity of 138,273 cbm while Milaha Qatar was built in 2006 with a capacity of 145,602 cbm.
“This transaction reflects our disciplined execution of our long term strategy of investing in core businesses. We have a strong momentum and believe that we can sustain our growth and continue to execute on our strategy,” said Sheikh Ali bin Jassim Al Thani, Chairman of Milaha.
He then added, “We continue to grow our mix of business to generate more revenue and cash flow and we are confident that this transaction will create long term shareholder value.”