Teekay LNG Partners, Exmar Announce Agreement for LPG Carrier Joint Venture

Teekay LNG Partners L.P. (Teekay LNG or the Partnership)

and EXMAR NV (EXMAR)

today announced an agreement in principle to create a new 50/50 joint venture which will operate in the LPG Carrier segment with a primary focus on Midsize Gas Carriers. EXMAR and Teekay LNG seek to expand the joint venture by taking advantage of the current and future demand for liquefied petroleum gas (LPG) and ammonia (NH3).Transaction Summary-- EXMAR will contribute 16 owned LPG carriers to the new joint venture company, to be named EXMAR LPG BVBA. The EXMAR LPG BVBA fleet will include 15 owned Midsize Gas Carriers (MGC), of which four are under construction at Hyundai Mipo, and one owned Very Large Gas Carrier (VLGC). EXMAR LPG BVBA will also time-charter in three MGCs and two VLGCs, and bareboat-charter in one MGC and one VLGC. -- Prior to this transaction, EXMAR LPG BVBA will acquire from Wah Kwong the remaining 50 percent interest in two MGCs, the Brugge Venture and the Touraine, which