GasLog Signs Memorandum Of Agreement To Buy New LNG Carrier

(RTTNews) - GasLog Ltd. (GLOG) announced that it has signed a memorandum of agreement to acquire the STX Frontier, a 2010-built, 153,600 cubic meter LNG carrier from STX Pan Ocean LNG PTE. Ltd., a Singapore based company.

The acquisition cost of the vessel is in the vicinity of US$160 million.

GasLog plans to take over the vessel from STX Pan Ocean early in the fourth quarter of 2013 in Spain.

The transaction has been approved by the Korean Courts and the Board of Directors of GasLog, and remains subject to customary closing conditions, including satisfactory documentation.