50% Stake in LNG Tanker Pair Sold

EXMAR NV and Teekay LNG Partners L.P. (

Teekay, NYSE: TGP) have reached an agreement in principle whereby Teekay will purchase a 50% interest in two of EXMAR’s LNG carriers: EXCELSIOR (2005-built LNGRV) and EXCALIBUR (2002-built conventional LNG) with an economic date of 1 September 2010. Both vessels are long-term time-chartered to Excelerate Energy. EXMAR will remain responsible for the management and operations of the vessels.

The transaction is still subject to the completion of the loan and lease documentation currently in progress with the existing lenders. Signing of the agreements with Teekay and the lenders is expected to take place in about two weeks. The transaction will generate a profit of approximately $50 million. The net consideration for the sale will amount to approximately $70 million (including $7 million of working capitaland other cash assets) split in $35 million cash and approximately 1,050,000 TGP commonunits. In addition the transaction will reduce EXMAR’s indebtedness by more than USD 100 million.