GasLog Ltd. Completes the Acquisition of Three LNG Carriers from BG Group

  GasLog Ltd. Completes the Acquisition of Three LNG Carriers from BG Group

Business Wire

MONACO -- April 10, 2014

GasLog Ltd. (“GasLog”) (NYSE:GLOG) is pleased to announce that it has
completed the acquisition of three LNG carriers from Methane Services Ltd.
(“MSL”) an affiliate of BG Group, which will be chartered back to MSL for
six-year initial terms on average. MSL has options to extend the term of the
time charters for two of the ships for a period of either three or five years
at its election.

It was previously announced that each of the three vessels would be chartered
back to MSL for a term of six years. However, following further discussions
with BG Group, the time charters of the three vessels will be staggered with
time charters of 5.5 years, 6 years and 6.5 years, so that the three vessels
will not redeliver at the same time.

Paul Wogan, CEO of GasLog, commented “We are delighted to complete this
accretive transaction and bring these vessels into the GasLog fleet. The
acquisition increases the size of our wholly owned fleet to 18 vessels with 11
of these ships currently on the water. The transaction also further
strengthens our long-standing relationship with BG Group.”

To complete the transaction, GasLog has drawn down on its $325.5 million
credit facility with Citibank, N.A., London Branch, and satisfied the
remainder of the $468 million consideration ($465 million of which was paid at
closing) with cash raised in the follow-on equity offering completed in
January 2014.

About GasLog Ltd.

GasLog is an international owner, operator and manager of LNG carriers.
Following completion of this acquisition from MSL, GasLog’s fleet consists of
18 wholly owned LNG carriers, including eleven ships in operation and seven
LNG carriers on order, and GasLog has nine 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. All statements, other than
statements of historical facts, that address activities, events or
developments that the Company expects, projects, believes or anticipates will
or may occur in the future, including, without limitation, future operating or
financial results and future revenues and expenses, future, pending or recent
acquisitions, general market conditions and shipping industry trends, the
financial condition and liquidity of the Company, cash available for dividend
payments, future capital expenditures and drydocking costs and newbuild
vessels and expected delivery dates, are 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, technological advancements and
opportunities for the profitable operation of LNG carriers; our ability to
enter into time charters with our existing customers as well as new customers;
our contracted charter revenue; our customers’ performance of their
obligations under our time charters and other contracts; the effect of
volatile economic conditions and the differing pace of economic recovery in
different regions of the world; future operating or financial results and
future revenues and expenses; our future financial condition and liquidity;
our ability to obtain financing to fund capital expenditures, acquisitions and
other corporate activities, funding by banks of their financial commitments,
and our ability to meet our obligations under our credit facilities; 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 complete the formation of a proposed master limited
partnership; our expectations relating to dividend payments and our ability to
make such payments; our ability to enter into shipbuilding contracts for
newbuildings 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 newbuildings 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
time charter commitments; environmental and regulatory conditions, including
changes in laws and regulations or actions taken by regulatory authorities;
requirements imposed by classification societies; 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 Annual Report filed
with the SEC on March 27, 2014. Copies of the Annual Report, 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.

Contact:

GasLog Ltd.
Paul Wogan (CEO)
Phone: +377 9797 5115
or
Simon Crowe (CFO)
Phone: +377 9797 5115
or
Jamie Buckland (Investor Relations)
Phone: +377 9797 5118
or
Ray Posadas (Solebury Communications, NYC)
Phone: +1 203-428-3231
ir@gaslogltd.com
 
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