BSE-listed Swan Energy, through its 51% subsidiary Triumph Offshore Private Limited (TOPL), claimed Friday it had actually carried out a term sheet with Turkey’s BOTAS to rent an FSRU vessel to the Turkish company.
The term sheet, joined December 31, is for hiring the FSRU vessel ‘Vasant l’ for 365 days at a dayrate of $250,000.
TOPL is funded by a consortium of lenders, with State Bank of India as the Lead Bank.
Swan Energy released a declaration on the term sheet adhering to media records. It claimed independently that it had not notified the marketplace of the term sheet with BOTAS as it had actually waited on authorization from the consortium of lenders funding TOPL.
“[TOPL] had applied for lenders’ approval for chartering of vessel with the charterer, which is pending to be received. Hence, we thought it prudent to disclose to the stock exchange post receipt of the said approval. Additionally, since the agreement has yet not been executed with the charterer, we thought it prudent to intimate to stock exchanges on executing/signing the agreement,” Swan Energy claimed.
” Moreover, the [term sheet with BOTAS ] is strictly temporary in nature and has been done since the commissioning of the FSRU Project of the company, being undertaken by Swan LNG Private Limited (SLPL), another subsidiary of the company, is delayed,” Swan Energy claimed.
“In our view, the ‘Term Sheet’ executed with the charterer, was under normal course of business and did not amount to material event,” the business claimed.
Swan Energy claimed the invoice of the authorization from the consortium of loan providers as well as implementation of the contract with BOTAS was pending.
“We shall be making further announcements once the agreement is executed and lenders approval is received,” the business claimed.