GasLog Ltd. Reports Financial Results For The Quarter Ended September 30, 2016

London, United Kingdom, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Monaco, November 3, 2016, GasLog Ltd. and its subsidiaries ("GasLog" or "Group" or "Company") (NYSE: GLOG), an international owner, operator and manager of liquefied natural gas ("LNG") carriers, today reported its financial results for the quarter ended September 30, 2016.

Highlights
· Post quarter-end, GasLog was awarded a seven-year charter by a subsidiary of Centrica plc ("Centrica"), commencing in 2019 and entered into a contract with Samsung Heavy Industries Co. Ltd. ("Samsung") for the purchase of one 180,000 cubic meters capacity ("cbm") newbuilding from the shipyard for delivery in the second quarter of 2019.
   
· Successfully chartered GasLog's only open newbuilding to Total Gas & Power Chartering Limited ("Total") for a period of seven years, commencing in 2018.
   
· Delivery of the GasLog Geneva and the GasLog Gibraltar on September 30, 2016 and October 31, 2016, respectively, on time and on budget. Both vessels have commenced their seven-year charters to a subsidiary of Royal Dutch Shell plc ("Shell").
   
· Post quarter-end, completed the dropdown of GasLog Seattle to GasLog Partners LP ("GasLog Partners") for $189.0 million. In August, GasLog Partners launched and completed an equity offering of 2,750,000 common units raising net proceeds of $52.3 million, which have been used to partially fund the dropdown of GasLog Seattle.
   
· Completed debt refinancing of $1.05 billion with a number of international banks, extending the maturity of six existing credit facilities to 2021.
   
· Revenues of $120.7 million (Q3 2015: $105.8 million), Loss of $16.4 million (Q3 2015: profit of $4.9 million) and Loss per share of $0.39 (1) (Q3 2015: a loss of $0.12), for the quarter ended September 30, 2016.
   
· Adjusted Profit (2) of $19.5 million (Q3 2015: $10.8 million), EBITDA (2) of $80.8 million (Q3 2015: $65.7 million), Adjusted EBITDA (2) of $81.1 million (Q3 2015: $65.7 million) and Adjusted Earnings per share (2) of $0.05 (1) (Q3 2015: Adjusted Loss per share of $0.05) for the quarter ended September 30, 2016.
   
· Quarterly dividend of $0.14 per common share payable on November 24, 2016. 

(1) Earnings/Loss per share ("EPS") and Adjusted EPS are negatively affected by the profit attributable to the non-controlling interest of $12.6 million and the dividend on preferred stock of $2.5 million for the quarter ended September 30, 2016 ($12.2 million and $2.5 million, respectively, for the quarter ended September 30, 2015).

  (2) EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are non-GAAP financial measures, and should not be used in isolation or as a substitute for GasLog's financial results presented in accordance with International Financial Reporting Standards ("IFRS"). For definition and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with IFRS, please refer to Exhibit II at the end of this press release.

CEO Statement

Paul Wogan, Chief Executive Officer, stated: "In recent weeks, GasLog added Total and Centrica as long-term customers. We are delighted to broaden our customer base with two leaders in the global energy sector and we look forward to building these relationships as they develop their own LNG businesses.

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