Page 11 - GLNG Week 45 2021

GLNG AUSTRAL ASIA GLNG

POSCO wins over Senex board with new bid

INVESTMENT SOUTH Korea’s POSCO International has a binding agreement with Australia Pacific LNG
submitted a new bid for Senex Energy that has (APLNG) to acquire the undeveloped PL 209
finally won the backing of the Australian devel- and PL 445 gas fields for AUD80mn ($59.4mn),
oper’s board. with that amount split into two tranches. An
Senex said on November 8 that it had received initial payment of AUD50mn ($37.1mn) will be
a further improved non-binding proposal from followed by an AUD30mn ($22.3mn) payment
POSCO to acquire 100% of the Australian firm subject to the receipt of Commonwealth envi-
for an all-cash offer of AUD4.60 ($3.42) per ronmental approvals. Senex intends to fund the
The announcement of share. acquisition with a bridge facility as well as exist-
the bid came the same This was POSCO’s fourth offer, with the ing cash and debt facilities.
day that Senex revealed South Korean company having offered AUD4.00 PL 209 and PL 445 lie adjacent to Senex’s
that it had entered into ($2.97) per share on July 30, AUD4.20 ($3.12) on Atlas gas development and are expected to help
a binding agreement August 27 and AUD4.40 ($3.27) on September 2. boost that project’s output to 30 PJ (781.46mn
with APLNG to acquire Senex said its board intended to unanimously cubic metres) per year in 2024. The developer is
the undeveloped PL recommend that shareholders vote for the pro- currently expanding Atlas’ production to 18 PJ
209 and PL 445 gas posed transaction subject to certain conditions. (468.87 mcm) per year.
fields. These include negotiating an acceptable scheme Senex said PL 209 and PL 445 included the
implementation agreement, the absence of a 77-square km development-ready Northern
superior bid from a third party and an independ- Area, which holds 184 PJ (4.79bn cubic metres)
ent expert concluding that the transaction was of estimated ultimate recoverable (EUR) vol-
fair and reasonable. umes, as well as the 77-square km Southern Area
Senex has agreed to extend POSCO’s exclu- that is estimated to hold 600 PJ (15.63 bcm) of
sivity period to November 26, to provide time to gas-in-place, but which still requires appraisal.
negotiate and enter into a binding scheme imple- Senex said POSCO’s takeover offer
mentation agreement and for POSCO to obtain included, and was dependent upon, the acqui-
internal approvals. sition of the two gas fields. The deal is also still
The announcement of the bid came the same subject to various domestic and South Korean
day that Senex revealed that it had entered into regulatory approvals.™

NEWS IN BRIEF

AMERICAS confirmed that all 22 of its U.S.-based ships Miami. The ships utilise a liquefied natural
will be back in guest operations by March gas (LNG) technology platform. Carnival
Carnival Cruise line 2022. Nineteen ships had been confirmed by Corp. pioneered the introduction of LNG
February, and now Carnival Sensation will
fuel in the passenger cruise sector as part
solidifies its leadership restart from Mobile, Ala. effective Mar. 5, of the company’s ongoing commitment to
Carnival Ecstasy will restart from Jacksonville,
sustainability and compliance throughout its
in Texas cruise market by Fla. effective Mar. 7, and Carnival Paradise global operations.
will restart from Tampa, Fla. effective Mar. 12.
CARNIVAL CRUISE LINE, November 11, 2021
announcing brand-new year-round cruising from Galveston in 2000,
“Carnival was the first cruise line to offer
Excel-class ship coming to and we have continued to grow our presence EUROPE
and support of the Port of Galveston’s
Galveston in 2023 expansion, so we are thrilled to bring our Wärtsilä optimised
brand-new Carnival Jubilee to Texas and
On the heels of the rave reviews of its newest the greater southwest region,” said Christine maintenance agreement
ship Mardi Gras, Carnival Cruise Line today Duffy, president of Carnival Cruise Line.
announced that its third Excel-class ship – to “This beautiful, innovative ship will bring an will ensure certainty of
be named Carnival Jubilee – will be delivered entirely new cruise experience to our guests,
in 2023 and based in Galveston, Tex. and we’ve got some great surprises to fun it up operations for 10 Gaslog
Carnival Cruise Line announced that its in ways we know they are going to love.”
third Excel-class ship – to be named Carnival Carnival Jubilee will be the third in the LNG carriers
Jubilee – will be delivered in 2023 and based Excel-class for Carnival, joining sisters Mardi
in Galveston, Tex. Gras, sailing from Port Canaveral since earlier The technology group Wärtsilä’s Optimised
The announcement about Carnival this year, and Carnival Celebration, which Maintenance Agreement has been selected
Jubilee was made the same day that Carnival will be delivered in late 2022 and based in by Greek shipowner and operator Gaslog to

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