Norwegian shipowner Ocean Yield and co-investor KKR have agreed to acquire CapeOmega Gas Transportation from Partners Group. The transaction is expected to close later this year and will add approximately $120 million to Ocean Yield’s adjusted EBITDA backlog.
CapeOmega co-owns 10 LNG carriers operated by Knutsen LNG. Seven of these vessels are already in service, with an average age of two years, while three more are scheduled for delivery between 2025 and 2026. All are employed on long-term charters to Shell, Engie, and QatarEnergy, with an average duration of nine years, or up to 16 years including extension options. These contracts provide stable revenues amid rising demand for LNG shipping.
Andreas Røde, CEO of Ocean Yield, said: ‘We are pleased to co-invest with KKR in this transaction, which provides attractive exposure to modern LNG carriers, all employed on long-term charters to investment grade-rated counterparties.’ KKR is also expected to inject further equity into Ocean Yield to maintain a strong balance sheet and enable additional expansion.
Partners Group acquired CapeOmega in 2019 and led a strategic transformation of the company. Originally focused on offshore energy infrastructure assets in Norway, including stakes in pipeline and terminal systems later sold to the Norwegian state, CapeOmega shifted towards becoming a dedicated low-carbon maritime platform. Its LNG fleet, developed in partnership with Knutsen, represents a new generation of fuel-efficient carriers.
Evy Glørstad, CEO of CapeOmega, commented: ‘In the last few years, we have evolved from the largest private infrastructure owner on the Norwegian Continental Shelf into a leading global provider of state-of-the-art, fuel-efficient LNG transport. I would like to thank our team, Partners Group, and our co-shareholder, Knutsen, for their collaboration and partnership in building this platform.’
Esther Peiner, Head of Infrastructure at Partners Group, said: ‘We have been on a transformational journey with CapeOmega. In just a handful of years, we have completed a full strategic pivot for the Company, divesting a successful energy infrastructure operations business and building a next generation low carbon maritime platform from scratch. CapeOmega’s fleet of LNG vessels is well positioned to make a meaningful contribution to the energy transition for many years to come.’
The deal comes as LNG shipping remains a volatile yet critical segment of the global energy system. Charter rates have fluctuated in 2025, reflecting both rising demand and concerns over fleet oversupply. Partners Group has cited forecasts that sees LNG demand increase by 40% over the next five years, driven by growth in energy consumption in the Asia-Pacific region and diversification of supply in response to geopolitical risks.
For Ocean Yield, the acquisition strengthens its position in LNG shipping and builds on its recent investment in Geogas LNG. This deal increased Ocean Yield’s indirect interest in France LNG Shipping, a 50:50 joint venture between NYK and Geogas LNG, to 45%. The platform manages a fleet of 12 LNG carriers employed on long-term charters to European energy companies.
