Mitsui To Acquire 49% Interest In BW Integrity FSRU From BW Group

Published: Nov 14 2017
Deal Summary

Mitsui & Co., Ltd., a trading and investment company, entered into an agreement to acquire a 49% interest in BW Integrity, a floating storage and regasification unit (FSRU), from BW Group Ltd., a maritime tanker and shipping company.

BW Integrity is a 2017-built Singapore flagged FSRU, with a deadweight tonnage of 85,200 tons and gross tonnage of 106,793.

Following the completion of the transaction, BW Integrity will be jointly owned by Mitsui (49%) and BW Group (51%) under a joint venture.

The transaction will enable Mitsui to enter into the FSRU business operations.

Takeshi Setozaki, chief operating officer of integrated transportation system business unit II of Mirtsui, said, “Mitsui and BW Group have enjoyed a good relationship for many years in various shipping areas. The opportunity for us to enter the FSRU business is a very big step forward for our future business strategy. As a LNG receiving/regasification base project is an extension of the LNG shipping business area, it is important to acquire know-how of the FSRU business and to maintain effective relationships with partners like BW Group. I am convinced that this partnership will also greatly contribute to Mitsui‘s gas sales strategy. I would like to continue to expand this business area firmly in the future.”

Carsten Mortensen, CEO of BW Group, said, "BW Group and Mitsui have a long history of close cooperation in many business areas and having Mitsui as a JV partner is a special relationship on which we hope to build for many years to come. It is our privilege to have such a well-established name in the energy and maritime investment spheres take an interest in one of our vessels.”

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