Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
SYS-CON.TV
Today's Top SOA Links


Teekay LNG Partners and Exmar to Enter Into LPG Carrier Joint Venture

HAMILTON, BERMUDA -- (Marketwire) -- 12/05/12 -- Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) and EXMAR NV (EXMAR) (EXM:BB) today announced an agreement in principle to create a new 50/50 joint venture which will operate in the LPG Carrier segment with a primary focus on Midsize Gas Carriers. EXMAR and Teekay LNG seek to expand the joint venture by taking advantage of the current and future demand for liquefied petroleum gas (LPG) and ammonia (NH3).

Transaction Summary


--  EXMAR will contribute 16 owned LPG carriers to the new joint venture
    company, to be named EXMAR LPG BVBA. The EXMAR LPG BVBA fleet will
    include 15 owned Midsize Gas Carriers (MGC), of which four are under
    construction at Hyundai Mipo, and one owned Very Large Gas Carrier
    (VLGC). EXMAR LPG BVBA will also time-charter in three MGCs and two
    VLGCs, and bareboat-charter in one MGC and one VLGC. 
--  Prior to this transaction, EXMAR LPG BVBA will acquire from Wah Kwong
    the remaining 50 percent interest in two MGCs, the Brugge Venture and
    the Touraine, which it does not already own. 
--  Teekay LNG will then acquire a 50 percent ownership in EXMAR LPG BVBA.
    In exchange for its 50 percent interest in EXMAR LPG BVBA, Teekay LNG
    will contribute approximately USD 140 million of equity and assume pro
    rata debt and lease obligations secured by certain vessels to be owned
    by EXMAR LPG BVBA. 
--  EXMAR LPG BVBA has received a commitment from certain commercial lenders
    to refinance the fleet in early-2013. 
--  EXMAR will continue to commercially and technically manage and operate
    the vessels. 
--  It is the intention of EXMAR LPG BVBA to renew and grow the fleet and
    discussions are already underway with various yards to secure additional
    orders. 

"New gas export projects scheduled to come on-line, combined with a relatively modest LPG carrier orderbook, are expected to result in strong demand for the current global LPG carrier fleet," commented Peter Evensen, Chief Executive Officer of Teekay GP LLC. "In addition to providing potential upside from the attractive fundamentals in the LPG shipping market, this accretive transaction further diversifies Teekay LNG's fixed-rate contract portfolio while leveraging EXMAR's deep expertise as a leading owner and operator of medium-sized gas carriers."

Nicolas Saverys, Chief Executive Officer of EXMAR N.V commented, "This transaction reflects a long-standing tradition of partnership with outstanding shipping peers. EXMAR is pleased to have Teekay LNG as a partner and rely on their extensive knowledge of the worldwide shipping markets to continue to grow the LPG and NH3 trade together. We share the same vision and strategy to grow the gas shipping trade and are excited about implementing our ideas as soon as possible."

The proposed transaction, which is expected to close in late-2012 or early-2013, has been approved by the Teekay LNG and EXMAR boards of directors, and remains subject to customary closing conditions, including the completion of due diligence, vessel inspections and documentation.

The table below summarizes the vessels to be included in the EXMAR LPG BVBA fleet:


--------------------------------------------------------------------------
                  Year                                                    
    Vessel        Built  Type     Capacity   Ownership    Employment      
--------------------------------------------------------------------------
1.  Hyundai Mipo  2014   Fully    38,000     Owned        N/A             
    No. 8121             Ref      dwt                                     
--------------------------------------------------------------------------
2.  Hyundai Mipo  2014   Fully    38,000     Owned        N/A             
    No. 8122             Ref      dwt                                     
--------------------------------------------------------------------------
3.  Hyundai Mipo  2014   Fully    38,000     Owned        N/A             
    No. 8123             Ref      dwt                                     
--------------------------------------------------------------------------
4.  Hyundai Mipo  2014   Fully    38,000     Owned        N/A             
    No. 8124             Ref      dwt                                     
--------------------------------------------------------------------------
5.  BW Kyoto      2010   Fully    83,298     Time-charter Spot (managed by
    (33.33%)             Ref      dwt        in           BW Gas)         
--------------------------------------------------------------------------
6.  BW Tokyo      2009   Fully    83,298     Time-charter Spot (managed by
    (33.33%)             Ref      dwt        in           BW Gas)         
--------------------------------------------------------------------------
7.  Libramont     2006   Fully    38,455     Owned        Time-charter    
                         Ref      dwt                                     
--------------------------------------------------------------------------
8.  Sombeke       2006   Fully    38,447     Owned        Time-charter    
                         Ref      dwt                                     
--------------------------------------------------------------------------
9.  Antwerpen     2005   Fully    35,233     Time-charter Spot            
                         Ref      dwt        in                           
--------------------------------------------------------------------------
10. Eupen         2005   Fully    38,961     Owned        Spot / Contract 
                         Ref      dwt                     of Affreightment
--------------------------------------------------------------------------
11. Odin          2005   Fully    38,501     Time-charter Spot / Contract 
                         Ref      dwt        in           of Affreightment
--------------------------------------------------------------------------
12. Berlian       2004   Fully    35,437     Time-charter Contract of     
    Ekuator              Ref      dwt        in           Affreightment   
--------------------------------------------------------------------------
13. Bastogne      2002   Fully    35,229     Owned        Spot / Contract 
                         Ref      dwt                     of Affreightment
--------------------------------------------------------------------------
14. Brugge        1997   Fully    35,418     Owned        Time-charter    
    Venture              Ref      dwt                                     
--------------------------------------------------------------------------
15. Brussels      1997   Fully    35,454     Bareboat-    Time-charter    
                         Ref      dwt        charter in                   
--------------------------------------------------------------------------
16. Flanders      1996   Fully    84,270     Bareboat-    Time-charter    
    Tenacity             Ref      dwt        charter in                   
--------------------------------------------------------------------------
17. Touraine      1996   Fully    39,270     Owned        Time-charter    
                         Ref      dwt                                     
--------------------------------------------------------------------------
18. Eeklo         1995   Fully    37,450     Owned        Time-charter    
                         Ref      dwt                                     
--------------------------------------------------------------------------
19. Kemira Gas    1995   Semi Ref 12,030     Owned        Time-charter    
                                  dwt                                     
--------------------------------------------------------------------------
20. Temse         1994   Fully    35,058     Owned        Spot / Contract 
                         Ref      dwt                     of Affreightment
--------------------------------------------------------------------------
21. Flanders      1993   Fully    85,826     Owned        Time-charter    
    Harmony              Ref      dwt                                     
--------------------------------------------------------------------------
22. Courcheville  1989   Fully    28,006     Owned        Time-charter    
                         Ref      dwt                                     
--------------------------------------------------------------------------
23. Donau         1985   Semi Ref 30,207     Owned        Time-charter    
                                  dwt                                     
--------------------------------------------------------------------------

About Teekay LNG Partners L.P.

Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors. Teekay LNG Partners L.P. provides LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its fleet of 27 LNG carriers (including one LNG regasification unit), five LPG/Multigas carriers and 11 conventional tankers. Teekay LNG Partners' interests in these vessels ranges from 33 to 100 percent. In addition, Teekay LNG Partners has agreed in principal to acquire a 50 percent interest in a new joint venture with EXMAR which will own and in-charter LPG carriers and expects this transaction to close by late-2012 or early-2013. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

About EXMAR NV

EXMAR NV, headquartered in Antwerp, Belgium, is a diversified and independent shipping group serving the international gas and oil industry. Apart from providing the ships for the transportation of these products, it also performs studies and undertakes the management of commercial, technical and administrative activities for the oil and gas industry. EXMAR strives to create shareholder value over the long term by balancing long- and short-term agreements to counteract volatility in the freight market, combined with providing services that are tailored to the needs of the customer.

EXMAR is quoted on Euronext Brussels (EXM).

FORWARD LOOKING STATEMENTS

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: the vessels contributed by EXMAR to the EXMAR LPG BVBA joint venture; the timing and certainty of completion of EXMAR's acquisition of the 50 percent interest in two MGCs, the Brugge Venture and the Touraine, which it does not already own; the timing, amount and certainty of completion of the Partnership's equity investment in the EXMAR LPG BVBA joint venture, and Teekay LNG's assumption of pro rata debt and capital lease obligations; timing and certainty of refinancing the EXMAR LPG BVBA fleet; the effect of the investment in EXMAR LPG BVBA on the Partnership's cash flows and diversity of its contract portfolio, and expected accretion to the Partnership; the potential for EXMAR LPG BVBA to order additional LPG carrier newbuildings; volatility of spot market LPG and NH3 shipping rates; and LNG and LPG shipping market fundamentals, including balance of supply and demand of LPG shipping capacity and LPG shipping charter rates. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: less than anticipated revenues, higher than anticipated costs, higher than expected drydock expenses related to the LPG carriers owned and in-chartered by EXMAR LPG BVBA; shipyard construction delays;

increased cost to construct the four Hyundai Mipo newbuilding LPG carriers; the potential early termination of time-charter out contracts and inability of the EXMAR LPG BVBA to renew or replace the time-charter out contracts; failure by EXMAR to complete the acquisition of the remaining 50 percent interest in MGCs which it does not currently own; failure to satisfy the closing conditions of the transaction, including obtaining approvals from charterers and relevant regulatory authorities; failure to complete the refinancing of the EXMAR LPG BVBA fleet in 2013; changes in production of LNG, LPG or NH3, either generally or in particular regions that would impact the expected future growth in the global LPG transportation market and spot LPG and NH3 shipping rates; changes in trading patterns or timing of the start-up of new LNG liquefaction significantly impacting overall LPG and NH3 shipping requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; and changes to the amount or proportion of expenses denominated in foreign currencies; and other factors discussed in Teekay LNG Partners' filings from time to time with the SEC, including its Report on Form 20-F/A for the fiscal year ended December 31, 2011. The Partnership expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

Contacts:
Teekay LNG Partners L.P.
Kent Alekson
Investor Relations Enquiries
+ 1 (604) 609-6442
www.teekaylng.com

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Web 2.0 Latest News
Cloud computing in the form of Infrastructure-as-a-Service (IaaS) has revolutionized the expectations of IT. Infrastructure that used to take weeks to months to provision is now available in minutes. Moreover, most of the traditional drawbacks associated with infrastructure have disap...
This is the third in a series of cloud predictions for 2015, starting with When the Walls Come Down, which predicted that workload migration (into the cloud) costs would drop by more than 50% in 2015; then continuing with The Cloud Startup Ecosystem Explosion, which predicted the impac...
Kirk Byers at SDN Central writes frequently on the topic of DevOps as it relates (and applies) to the network and recently introduced a list of seven DevOps principles that are applicable in an article entitled, "DevOps and the Chaos Monkey. " On this list is the notion of reducing var...
With the growing number of CSS Preprocessors like LESS, Sass, Turbine, Stylus and Swith CSS to name a few, it’s hard to decide which to choose for your project, and which will provide the best CSS authoring. Rather than focus on evaluating every CSS Preprocessor (that would simply take...
General Electric (GE) has been a household name for more than a century, thanks in large part to its role in making households easier to run. Starting with the light bulb invented by its founder, Thomas Edison, GE has been selling devices (“things”) to consumers throughout its 122-year...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021




SYS-CON Featured Whitepapers
ADS BY GOOGLE