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Gaslog Ltd. Announces New Orders and Charters



  Gaslog Ltd. Announces New Orders and Charters

Business Wire

MONACO -- February 8, 2013

GasLog Ltd. ("GasLog" or the "Company") (NYSE:GLOG) today announced that it
has ordered two new 174,000 cbm Tri-Fuel Diesel Electric LNG carriers from
Samsung Heavy Industries Co., Ltd. ("Samsung") in South Korea. The vessels are
expected to be delivered in Q1 and Q2 2016, respectively, and upon delivery
will commence firm ten-year charters with a subsidiary of BG Group plc ("BG
Group"). The two vessels are expected to have a combined fully delivered cost
of approximately US$410-$420million and are expected to generate a combined
annualized EBITDA^1 of approximately US$47–$48million over the first twelve
months of operation. In addition, GasLog has secured a total of four options
from Samsung at similar prices and terms until the end of July 2013.

GasLog has also agreed to modify and extend the charter currently in place for
its Hull Number 2017, chartered to a subsidiary of BG Group and scheduled for
delivery in Q3 2013. Under the new arrangement the ship will deliver into an
eight year charter in which the first three years remain as previously
contracted. The subsequent five years are a seasonal charter under which the
ship is committed to BG Group for seven consecutive months for which it will
pay a fixed monthly charter hire and available to accept other charters for
the remaining five months. This seasonal charter is expected to generate
approximately US$14-16 million of EBITDA^1 during the seven months on hire and
will provide GasLog with the opportunity to secure additional upside in a
period of potentially strong demand.

Following the successful delivery of the GasLog Shanghai into a BG Group
charter on January 29, 2013, GasLog now has a twelve-ship fully owned fleet,
of which three ships have been delivered and are on charter and nine ships are
either under construction or to be constructed through Q2 2016. The strength
of GasLog’s existing fleet commitments and the addition of these new long term
charters allow GasLog to look at a range of charter periods for its two open
vessels, scheduled for delivery at the end of 2014 and beginning of 2015. In
particular, these factors allow GasLog to be opportunistic in placing these
vessels into shorter-term charters if the Company determines such charters
would be beneficial to the overall earnings of the fleet.

Due to the support of Samsung Heavy Industries and the consequently attractive
terms achieved, GasLog does not currently foresee the need to raise new equity
within the next few years to fund these two new orders. In addition, as
previously announced, we are currently reviewing our capital structure to
ensure that we are able to finance these vessels in a way that maximizes
shareholder value.

Paul Wogan, CEO, said “It is very pleasing to be able to conclude these
significant contracts with our largest customer. These contracts reinforce our
strategy of building high quality ships at competitive prices for charter to
strong, creditworthy customers. The seasonal charter also demonstrates our
flexibility in meeting customer needs whilst also being able to capitalize on
opportunities in the LNG spot market during a period where we expect increased
demand for shipping from planned liquefaction projects. We are very pleased to
be building the new vessels at Samsung as they have a solid track record for
delivering vessels on time and on budget for GasLog and the options we have
secured show a strong commitment between GasLog and Samsung to continue to
support each other’s growth ambitions. We believe that these new orders
further enhance our position as one of the worlds leading LNG ship owners.”

About GasLog Ltd.

GasLog is an international owner, operator and manager of LNG carriers.
Following this announcement, GasLog’s fleet consists of 12 wholly-owned LNG
carriers, including two ships delivered in 2010, one delivered in January 2013
and nine LNG carriers on order. In addition, GasLog currently has 12 LNG
carriers operating under its technical management for third parties. GasLog’s
principal executive offices are located at Gildo Pastor Center, 7 Rue du
Gabian, MC 98000, Monaco. GasLog’s website is http://www.gaslogltd.com.

Forward Looking Statements

This press release contains “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995. The reader is cautioned not
to rely on these forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual results could
vary materially from our expectations and projections. Risks and uncertainties
include, but are not limited to, general LNG and LNG shipping market
conditions and trends, including charter rates, ship values, factors affecting
supply and demand and opportunities for the profitable operations of LNG
carriers; our continued ability to enter into multi-year time charters with
our customers; our contracted charter revenue; our customers’ performance of
their obligations under our time charters and other contracts; the effect of
the worldwide economic slowdown; future operating or financial results and
future revenue and expenses; our future financial condition and liquidity; our
ability to obtain financing to fund capital expenditures, acquisitions and
other corporate activities, and funding by banks of their financial
commitments; future, pending or recent acquisitions of ships or other assets,
business strategy, areas of possible expansion and expected capital spending
or operating expenses; our ability to enter into shipbuilding contracts for
newbuilding ships and our expectations about the availability of existing LNG
carriers to purchase, as well as our ability to consummate any such
acquisitions; our expectations about the time that it may take to construct
and deliver newbuilding ships and the useful lives of our ships; number of
off-hire days, drydocking requirements and insurance costs; our anticipated
general and administrative expenses; fluctuations in currencies and interest
rates; our ability to maintain long-term relationships with major energy
companies; expiration dates and extensions of charters; our ability to
maximize the use of our ships, including the re-employment or disposal of
ships no longer under multi-year charter commitments; environmental and
regulatory conditions, including changes in laws and regulations or actions
taken by regulatory authorities; risks inherent in ship operation, including
the discharge of pollutants; availability of skilled labor, ship crews and
management; potential disruption of shipping routes due to accidents,
political events, piracy or acts by terrorists; and potential liability from
future litigation. A further list and description of these risks,
uncertainties and other factors can be found in our Prospectus filed April 2,
2012. Copies of the Prospectus, as well as subsequent filings, are available
online at www.sec.gov or on request from us. We do not undertake to update any
forward-looking statements as a result of new information or future events or
developments.

EXHIBIT I

Non-GAAP Financial Measures:

EBITDA represents earnings before interest income and expense, taxes,
depreciation and amortization. EBITDA, which is a non-GAAP financial measure,
is used as a supplemental financial measure by management and external users
of financial statements, such as investors, to assess our financial and
operating performance. We believe that this non-GAAP financial measure assists
our management and investors by increasing the comparability of our
performance from period to period. We believe that including EBITDA assists
our management and investors in (i) understanding and analyzing the results of
our operating and business performance, (ii) selecting between investing in us
and other investment alternatives and (iii) monitoring our ongoing financial
and operational strength in assessing whether to continue to hold our common
shares.

EBITDA has limitations as an analytical tool and should not be considered as
an alternative to, or as a substitute for, profit, profit from operations,
earnings per share or any other measure of financial performance presented in
accordance with IFRS. This non-GAAP financial measure excludes some, but not
all, items that affect profit, and this measure may vary among companies. This
non-GAAP financial measure may not be comparable to similarly titled measures
of other companies in the shipping or other industries.

Projected EBITDA for the two new vessels ordered by GasLog for the first
twelve months of operation is based on the following assumptions:

  * Delivery in Q1 and Q2 2016, respectively, and timely receipt of charter
    hire specified in the charter contracts;
  * Utilization of 363 days, no drydocking;
  * Vessel operating and supervision costs per current internal estimates; and
  * General and administrative expenses per current internal estimates.

We consider the above assumptions to be reasonable as of the date of this
report, but if these assumptions prove to be incorrect, our actual EBITDA for
the vessels could differ materially from the information included in this
release.

^1 EBITDA, which represents earnings before interest income and expense,
taxes, depreciation and amortization, is a non-GAAP financial measure. Please
refer to Exhibit I for guidance on the underlying assumptions used to derive
EBITDA.

Contact:

Contacts:
Paul Wogan (CEO)
Phone: +377 97975120
or
Thor Knappe (SVP)
Phone: +377 9797 5117
or
Jeff Grossman, (Solebury Communications, NYC)
Phone: +1 203-428-3231
Email: ir@gaslogltd.com
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