GasLog reports on first quarter

MAY 14, 2014 — LNG carrier operator GasLog Ltd. (NYSE:GLOG) has reported its financial results for the quarter ended March 31, 2014. Profit for the quarter was $6.3 million compared with $5.9 million for the quarter ended March 31, 2013. However, adjusted earnings per share of $0.13 came in three cents below what analysts had predicted.

“I am very pleased that following another busy quarter the business remains on track for 2014,” said CEO Paul Wogan. “We grew our fleet during the quarter with the announcement of the acquisition of three on the water ships from a subsidiary of BG with an average of 6 year time charters back to BG. The vessels were delivered to GasLog on April 10, 2014. On the same day we announced a second transaction with BG to acquire three additional ships for $468 million, again with 6-year-time charters back to BG. Our two follow-on equity offerings raised in excess of $300 million. These accretive transactions will increase the size of our fully delivered fleet to 23 ships (including the three vessels contributed to the MLP). It also takes our backlog of contracted revenue to almost $3 billion. These two BG transactions alongside the acquisition of the GasLog Chelsea in 2013 demonstrate our ongoing desire and ability to acquire high quality assets with attractive return profiles as we continue to pursue our consolidation strategy.”

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