MISC’s indirect wholly-owned subsidiaries, namely Polaris LNG Five Pte. Ltd., Polaris LNG Six Pte. Ltd. and Polaris LNG Seven Pte. Ltd., have signed Time Charter Parties with QatarEnergy for the time charter of three newbuild LNG Carriers to be built by Samsung Heavy Industries Co. Ltd. (SHI).
The group said the Vessels will be chartered by QatarEnergy for a firm period of 15 years from 2026 onwards.
Polaris 5, Polaris 6 and Polaris 7 are private companies limited by shares and their principal activities are owning and operating LNG ships for transportation of LNG.
As for QatarEnergy, it is the state-owned energy company in the State of Qatar, and is involved in exploration, production, refining, transport, and storage of oil and gas.
The TCPs do not have any effect on the issued and paid-up share capital and substantial shareholding in MISC nor are also not expected to have any material impact to the earnings per share, gearing and net assets per share.
From MISC’s perspectives, the risk factors affecting the TCPs include commercial, project execution, country and operational risks, which MISC Group will take appropriate measures to mitigate.
