International Seaways, Inc., one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, announced that the Company has sold its 49.9% ownership interest in its joint venture with Qatar Gas Transport Company Ltd. (Nakilat), which owns four liquefied natural gas (“LNG”) carriers to Nakilat for $123 million in cash.
“Nakilat and INSW worked in partnership to conclude this transaction, demonstrating the high level of teamwork the companies have shared for over 15 years,” Lois K. Zabrocky, International Seaways’ President and CEO commented. “Nakilat continues to be a very valued INSW partner and remains an important part of our ongoing commitment to our business relationships in Qatar. By monetizing our interest in the joint venture, we unlocked significant value for shareholders and further strengthened our balance sheet.”
Jeff Pribor, the Company’s CFO, said “This important transaction positions INSW to further our capital allocation strategy. Following our success growing and renewing our fleet, deleveraging and returning cash to shareholders remain our top priorities.”