Norwegian shipleasing specialist Ocean Yield and KKR-managed vehicles have agreed to acquire CapeOmega Gas Transportation from private equity firm Partners Group, expanding their exposure to the LNG sector.
CapeOmega holds joint ownership in a fleet of ten 174,000 cu m LNG carriers operated by Knutsen. Seven of the ships are already on the water, averaging two years in age, while the remaining three are slated for delivery between 2025 and 2026.
All ten vessels are on long-term charters to energy majors Shell, Engie, and QatarEnergy, with an average firm contract length of nine years. Including optional periods, the average charter duration extends to 16 years. Ocean Yield said the deal would add roughly $120m to its adjusted EBITDA backlog.
“We are pleased to co-invest with KKR in this transaction, which provides attractive exposure to modern LNG carriers, all employed on long-term charters to investment grade-rated counterparties,” said Ocean Yield CEO Andreas Røde.
The transaction is expected to close in the second half of 2025. KKR, which owns Ocean Yield, is also expected to inject further equity into the company.
Ocean Yield entered the LNG sector in 2024 with a stake in France LNG Shipping via a deal with Geogas LNG. That stake has since grown to 45%. France LNG Shipping is a joint venture between Geogas and Japan’s NYK, owning a fleet of 12 LNG carriers.
Partners Group acquired CapeOmega in 2019 and oversaw the sale of the company’s natural gas pipeline and terminal business to the Norwegian government last year.
