New Delhi: Swan Energy Ltd (SEL), a diversified conglomerate with interests in oil and gas, textile, and infrastructure businesses, through its subsidiary Triumph Offshore Private Limited (TOPL),has signed an agreement to lease our its Floating Storage Regasification Unit(FSRU) vessel Vasant One to Botas, Turkey�s state-owned natural gas and LNG firm.

"The Lease arrangement is generating daily rental of $25000, around Rs 2 crore (As per the present exchange rate)for SEL. The annualized cash accruals from the agreement amount to Rs 800 crore. The duration of the lease agreement is for 12 months and is extendable on this basis of mutual agreement." The company said in a statement.

Based on the bare boat charter, TOPL has leased out only the bare FSRU vessel to Botas and Botas will manage the operational expenses including fuel, crew, insurance, maintenance, and repair. As a result, TOPL does not incur any operational expenses during the lease tenure. This lease arrangement implies that the rentals earned essentially ad to the EBIDTA of the company.

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