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Golar LNG Q1 Results 2011

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Highlights Golar LNG reports consolidated net income of $16.3 million and consolidated operating income of $20.4 million for the first quarter of 2011 Golar LNG announces a cash dividend of $0.25 cents per share Significant improvement in charter rates during the quarter Golar secures charters for its 4 modern vessels of between 12 and 18 months. The contracts are expected to generate approximately $80 million of EBITDA on an annualized basis Successful completion of the initial public offering of Golar LNG Partners raising gross proceeds of $310 million Golar LNG orders 6 new LNG carriers from Samsung Heavy Industries and has options on a further 2 vessels In April 2011, Golar LNG acquired shares in subsidiary company Golar LNG Energy Limited via private placement share swaps and cash purchases that increased its ownership to 95.1%. A voluntary offer has subsequently been made for the balance of the outstanding shares of Golar LNG Energy Limited and Golar LNG currently owns 99.4 % of the shares. The West Java FSRU Project time charter agreement with PT Nusantara Regas was executed in April 2011 Financial Review Golar LNG Limited ("Golar" or the "Company") reports consolidated net income of $16.3 million and consolidated operating income of $20


Ince & Co Advises on Floating Storage and Regasification Unit

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Ince & Co advised long standing client Golar LNG Energy (Golar LNG) on the successful completion of an 11-year time charter party (TCP) for the provision of a Floating Storage and Regasification Unit (FSRU) and associated mooring to PT Nusantara Regas (PTNR), a joint venture between Indonesian energy companies Pertamina and PGN, for Indonesia's first FSRU terminal in West Java. The regasified LNG will be supplied by PTNR to Indonesia’s state owned electricity company PLN as a


Golar Mulls Third FLNG deal

GOLAR SPIRIT (BRAZIL): Golar LNG Limited

 Golar LNG has signed a binding Heads of Terms with Ophir Energy Plc for the provision of the GoFLNG vessel Gimi.   Golar has started discussions with partners Keppel and Black & Veatch aimed at exercising an option, under an existing framework agreement, for the ordering of a third GoFLNG unit similar to the Hilli and the Gimi.   The vessel will replace the previously announced floating liquefaction storage and offloading (FLSO) that would have been supplied by


Golar Redesigns Ship Management with BASSnet

Courtesy Golar LNG

Following a comprehensive exercise to insource all ship management functions and to build a fully integrated shipping company, Golar LNG recently chose the BASSnet software as the core building block for the management of its fleet of 23 LNG carriers. Based in Oslo, Golar Management – the ship management unit of Golar LNG – has joined other shipping industry leaders, such as Stolt Tankers, Anthony Veder, NYK, “K” Line, Wallenius, Hapag Lloyd, Wilhelmsen and CMA CGM


Exmar, Golar Mull Possible LNG Merger

Exmar, the tanker division of Belgian shipping company CMB is reportedly in talks with Norway's Golar LNG to merge their liquified natural gas activities. It was reported that Exmar director Nicolas Saverys said the new LNG company would have assets worth $500 million. "We are in detailed negotiations with (John) Frederiksen (Golar LNG's shipping magnate owner) about bringing our LNG activities into a new joint venture," Saverys was quoted as saying.


Trafigura Fixes 6 Voyage Charters from Golar LNG

Swiss trader Trafigura has taken up to six liquefied natural gas (LNG) vessels from Norwegian shipping company Golar LNG, likely on a single-voyage basis to transport cargoes, trading and shipping sources said. The vessels are to be put at Trafigura's disposal from now through August or possibly September and sources say each vessel may be used for only a single voyage. The sources said this type of arrangement resembles a Contract of Affreightment


Keppel Shipyard Awards Contract to Golar LNG

Norwegian gas company Golar LNG Ltd. signed a contract with Keppel Shipyard Ltd. of Singapore for the first ever conversion of an existing liquid natural gas, or LNG, carrier into an LNG floating storage and regasification unit, or FSRU, to be completed in the second quarter of 2007. The company expects a total contract value of around $90 million. The FSRU will be stationed offshore and, through a subsea pipeline, will be capable of a throughput of 2


Golar Orders Second FLNGV Conversion

Keppel Shipyard and Black & Veatch team up with Golar LNG for the second time to convert floating liquefaction vessel   Black & Veatch has again been called upon to combine its PRICO LNG technology and global engineering, procurement and construction (EPC) capabilities with the services of Keppel Shipyard Limited. Together, they will convert a 125,000-cubic-meter Golar LNG carrier, the Gimi, into a Floating Liquefaction Vessel (FLNGV).  


Osprey Maritime To Sell LNG Operations For $635 Million

Singapore's Osprey Maritime said on Monday it agreed to sell its liquefied natural gas (LNG) operations to new subsidiary Golar LNG for US$635 million as part of a restructuring exercise. The marine and chartering services provider said in a statement the disposal was in line with the proposal by World Shipholding Ltd, its controlling shareholder, to reorganize and consolidate all of its LNG interests into Golar LNG.


Golar Acquires Financing for GoFLNG

Golar LNG

  Golar LNG Limited announced today that it has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd ("CSSCL") in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli. The financing structure will fund up to 80% of the project cost and will be split into two phases. The first phase enables Golar to drawdown up to $700m from the facility to fund the ongoing conversion cost


Golar, Stonepeak Launch Launch FSRU Joint Venture

Golar LNG Limited announced that it has entered into a 50/50 joint venture with investment vehicles affiliated with private equity firm Stonepeak Infrastructure Partners. The joint venture company, Golar Power Ltd, will offer integrated LNG based downstream solutions


Golar LNG Hit by Weak Market

Pic: Golar LNG Ltd

 Oscar Spieler-led LNG shipowner Golar LNG Ltd. (GLNG) on Tuesday reported a loss of $80.1 million in its first quarter.   The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 41 cents per share


FSRU Golar Tundra Sold to Golar LNG Partners

Golar LNG Limited has entered into a purchase agreement to sell the Golar Tundra, a floating storage and regasification unit (FSRU), to Golar LNG Partners LP for a sale price of $330 million.   In connection with the closing, Golar LNG Partners will receive a daily fee plus operating


Golar LNG Teams Up with Schlumberger

Golar Spirit, the worlds first FSRU. Pic: Golar LNG

 Golar LNG has signed a Memorandum of Understanding with Schlumberger to co-operate on the global development of greenfield, brownfield and stranded gas reserves.    Under the Memorandum, Golar and Schlumberger have agreed to jointly market gas monetization solutions to owners


ABS, Golar Strike FLNG Deal

ABS Group to Develop Intelligent Maintenance Strategy for Golar FLNG Fleet   ABS Group subsidiary Genesis Technology Solutions, Inc. (GenesisSolutions) won a contract by Golar LNG to develop an intelligent maintenance strategy for the company’s new fleet of floating LNG (FLNG) vessels


As Freight Rates Fall, LNG Shippers Brace Consolidation

Faltering LNG demand, growing tanker fleet drag on freight rates. Shippers who ply the seas to deliver liquefied natural gas (LNG) in massive tankers are likely to face a wave of consolidation and asset sales, with freight rates plunging as a growing fleet clashes with tepid demand.


Golar and WAGL Ink Ghana FSRU Contract

Golar LNG Limited announced today that it has executed a firm contract to provide West African Gas Limited (WAGL) with floating storage and regasification unit (FSRU) services to support their liquefied natural gas (LNG) import operations in Ghana.   


Golar Secures FSRU Golar Tundra Financing

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  Golar LNG Limited announced today that it has received an underwritten financing commitment for the December 2015 delivering newbuild FSRU Golar Tundra. Based on the current cost of the Tundra, the facility of up to $216 million, to be provided by China Merchants Bank Leasing


Golar Cameroon FLNG Project Update

Golar LNG Limited announced its Cameroon FLNG project has received approval and signature of the binding Tolling Term Sheet thereby confirming the commercial terms for the FLNG vessel Golar Hilli.   Cameroon's state owned oil and gas company Société Nationale des Hydrocarbures


FLNG Birth of a Market

Easy cool Modec’s liquefaction concept is based on efficient “air-conditioning” Courtesy Modec

FLNG deal-making has been sporadic since Woodside Petroleum at the end of 2013 delayed a final investment decision for the giant Browse FLNG project off Northwest Australia.   The previous year had seen go-aheads for most of the floating liquefied natural gas projects (FLNG) underway today


GAC Handles First FSRU at Aqaba

GAC Jordan Managing Director Ghassoub Kawar and Deputy General Manager, Ibrahim Attieh along with  Lars Egeberg - Project Manager, Tor Jahren – Fleet Manager, Capt. Ivica Mirovic and other members of Golar Eskimo and GAC Jordan at the Aqaba port.

As Jordan steps up its LNG imports, GAC was entrusted with handling the first gas carriers to offload at Aqaba.   The country has signed a sales and purchase agreement with Shell for the delivery of nearly 17 million cubic meters per day of gas


LNG Owners Pool Fleets to Cut Costs

Photo: Dynagas

Three of the top liquefied natural gas (LNG) tanker owners have decided to market 14 vessels jointly on a spot charter basis, part of a new pooling arrangement that is aimed at cutting operating costs in a depressed market. The pool, consisting of eight modern vessels from Norwegian shipper


Dynagas, GasLog, Golar LNG Team up to Operate LNG Carrier Pool

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  Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd today jointly announced having entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the LNG shipping spot market. The LNG Carrier Pool allows the participating owners to optimise the operation


Keppel Signs $684m FLNG Conversion Deal with Golar

 Keppel Shipyard has signed its third contract with Golar Gandria for vessel conversion works.    The $684 million contract to convert a liquefied natural gas (LNG) carrier to a floating liquefaction facility (FLNG) with the subsidiary of United Kingdom-based Golar LNG will become


Golar Inks Deal for Third FLNG Conversion

 Golar LNG Limited has executed agreements for conversion of the 126,000 m3 LNG carrier Gandria to a Golar floating liquefaction facility (GoFLNG), the company announced today.   As with the GoFLNG Hilli and Gimi conversions, the primary contract for the GoFLNG Gandria was entered into






 
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