Total Sells Stake in GTT to Singapore's Temasek

by Ship & Bunker News Team
Wednesday December 10, 2014

France's Gaztransport & Technigaz (GTT) Monday announced that the Singapore sovereign wealth fund Temasek has agreed to buy Total SA's (Total) 10.4 percent stake in the company.

Temasek will become GTT's second largest shareholder, taking a 10.4 percent stake in the specialist engineering company which focusses on designing membrane containment systems for the maritime storage, transportation, and bunkering of Liquefied Natural Gas (LNG).

GDF Suez holds around 40.4 percent and 49 percent of the shares are publicly held.

"Completion of the transaction is expected in the coming days," said GTT.

The sale by Total follows its decision earlier this year to reduce its GTT shareholding from 30 percent to 10.4 percent as part of GTT's February initial public offering.

The oil and gas major will have raised over $650 million from the sale of its total stake in GTT this year, according to Reuters.

GTT's Chairman and CEO, Philippe Berterottiere, welcomed Temasek as a "long-term shareholder," saying the fund's geographical roots and experience in the LNG and marine sectors "fit perfectly" with GTT.

"With Temasek's support, our aim is to consolidate our world leading position and expertise in the transport of LNG and to pursue our development in innovative and competitive technologies and in the new growing areas of liquefied gases," he added.

GTT announced its first LNG bunkering orders from Brittany Ferries in April this year, but the ferry operator's Pegasis LNG bunkers project has since been scrapped.

Ship & Bunker News Team
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