LNG Bunkering Systems Firm Acquired by Mitsui Engineering & Shipbuilding

by Ship & Bunker News Team
Wednesday September 30, 2015

TGE Marine AG (TGE Marine), who says it is a "pioneer" of Liquid natural gas (LNG) fuel gas systems and LNG bunkering, Monday announced that it has been acquired by Japan-based Mitsui Engineering & Shipbuilding Co. Ltd (MES) .

"We are delighted to become part of the MES family and are looking forward to working alongside our new parent company to develop the next exciting chapter in TGE Marine's history," said Dr. Manfred Küver, CEO at TGE Marine.

TGE Marine says it is "the leading Engineering, Procurement and Construction Supervision (EPCS) solution provider to the growing cryogenic gas markets, specialising in cargo handling systems and tanks for LPG, LEG, Ethane and LNG carriers."

"The Company has contracted and supplied gas handling and storage systems to more than 150 gas tankers, built at more than 20 shipyards across Asia (China, South Korea and Japan), Europe and South America."

MES is reported to have acquired a controlling stake of 1,209,489 ordinary shares in TGE from Caledonia Investments plc, Gasfin Investment S.A. and Dr. Küver GbR, for about JPY 22 billion ($180 million).

TGE is said to be expanding into both engineering and construction supervision of fuel gas supply systems and floating storage and regasification units .

"The MES organisation brings not only an outstanding track record in global energy and marine markets, but also a highly developed international network and strong balance sheet which will help us to pursue new opportunities worldwide," said Küver.

"We look forward to accelerating the company's growth as we continue to set new standards for the safety, efficiency and cost of transporting, handling and storing liquefied cryogenic gases worldwide and pioneer the adoption of fuel gas systems for vessels."

In April, it was reported that MAN Diesel & Turbo (MAN) had received orders for seven ME-LGI two-stroke methanol engines, with the first due to be built by MES.