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

MONACO--(BUSINESS WIRE)--

GasLog Ltd. ("GasLog" or the "Company") GLOG is pleased to announce that it has successfully completed the acquisition of two LNG carriers from Methane Services Limited ("MSL"), a subsidiary of BG Group plc ("BG"), which was previously announced on December 22, 2014. This completes the third acquisition of ships from BG by GasLog in the last twelve months, with eight vessels acquired in total.

The two ships subject to today's announcement will be chartered back to MSL for nine and eleven year initial terms. MSL has options to extend the term of the time charters for each vessel for three or five years at its election. The two vessels, built in 2010, are the Methane Becki Anne and Methane Julia Louise and each have a cargo capacity of 170,000 cubic meters and have on-board reliquefaction plants, which enable the vessels to operate in a more fuel efficient manner at a greater range of speeds than would otherwise be achievable.

Due to the length of the charters, both vessels will be eligible for drop down into GasLog Partners LP (the "Partnership"), who has 3 years in which to exercise its options to purchase these ships from GasLog at fair market value. This will potentially increase future distributions to GasLog in respect of its limited partner and general partner interests in the Partnership.

Paul Wogan, CEO of GasLog, commented, "We believe this transaction reaffirms our commitment to BG and their appreciation of GasLog as a long-term service provider of LNG shipping. It is also an important step in realizing the GasLog 40:17 Vision¹ that we announced at our capital markets day in December and we are continuing to develop further attractive opportunities to grow our fleet. These ships also add growth to the Gaslog Partners dropdown pipeline and should, we believe, enhance the sum of the parts valuation of GasLog."

To complete the transaction, GasLog has drawn down on a $460 million credit facility led by DNB Bank, which comprises a $325 million secured credit facility and a $135 million subordinated two-year loan facility at rates in line with recent GasLog financings.

Poten Capital Services (UK) advised GasLog on this transaction.

About GasLog Ltd.

GasLog is an international owner, operator and manager of LNG carriers. GasLog's fully-owned fleet includes 22 LNG carriers (including 13 ships in operation, nine LNG carriers on order) and GasLog has four LNG carriers operating under its technical management for third parties. GasLog Partners LP, a master limited partnership formed by GasLog, owns a further five LNG carriers. GasLog's principal executive offices are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. GasLog's website is http://www.gaslogltd.com.

¹Future acquisitions of vessels are subject to various risks and uncertainties that include, but are not limited to, general LNG and LNG shipping market conditions and trends; 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 future financial condition and liquidity; our ability to obtain financing to fund acquisitions, banks' ability to fund their financial commitments; and our ability to meet our obligations under our credit facilities.

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 of LNG and LNG shipping, 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 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 26, 2015. Copies of the Annual Report, as well as subsequent filings, are available online at http://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 except as may be required by law.