BW Group and Pavilion Energy have entered into an agreement to form a joint venture, BW Pavilion LNG Pte. Ltd. (the “JV”), to acquire, manage and charter maritime LNG assets, including LNG carriers.
Andreas Sohmen-Pao, BW Group CEO, says: “We look forward to a long-term partnership with Pavilion Energy, leveraging our experience in the maritime LNG value chain and our long-established talent base in Singapore to develop opportunities in the sector.”
Seah Moon Ming, Group CEO of Pavilion Energy, says: “The partnership with BW Group represents our expansion into LNG shipping, and an investment into a critical part of the LNG value chain which enables Pavilion Energy to effectively connect global LNG supplies to regional gas demand centres in Asia.”
The JV builds upon the resources and track record of BW in LNG with an important new LNG player in Pavilion Energy. It represents each organisation’s strong commitment to provide customers with high quality LNG shipping as well as tailored gas infrastructure solutions. The JV’s assets will initially be established with one existing and two new LNG carriers.
About BW Group
BW Group is a leading global maritime group involved in shipping, floating gas infrastructure and deepwater oil & gas production, and has been delivering energy and other vital commodities for more than 80 years, with a current fleet of over 180 ships. The group was founded by Sir YK Pao in Hong Kong in 1955 as World-Wide Shipping. In 2003, the group acquired Bergesen, Norway’s largest shipping company founded in 1935, and in 2005, the business was re-branded as BW. Today, BW Group operates the world’s largest gas shipping fleet (LNG and LPG combined), with a total of over 70 large gas vessels including FSRUs (floating storage and regasification units). BW Offshore operates the world’s second largest floating oil and gas production fleet (FPSOs), with 16 units in US, Brazil, Mexico, West Africa, North Sea, and Australasia. BW’s fleet also includes crude oil supertankers, refined oil tankers, chemical tankers and dry bulk carriers.
About Pavilion Energy
Pavilion Energy invests in key liquefied natural gas (LNG) businesses to support the growth of a sustainable future in the region. Pavilion Gas, a wholly-owned subsidiary of Pavilion Energy, is responsible for the marketing and distributing of natural gas in Singapore and the region, including small-scale LNG and LNG bunkering initiatives; and participates in LNG trading across the globe. In 2016, Pavilion Gas was appointed by the Singapore Energy Market Authority (EMA) as an LNG Importer for Singapore. For more information, visit www.pavilionenergy.com.sg