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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 expenses, aggregating to approximately $2.6 million per month, for Golar LNG Limited's right to use the FSRU from the date of the closing until the date that the Golar Tundra commences operations under its time charter with West Africa Gas Limited. In return, the Partnership will remit to Golar any hire income received with respect to the Golar Tundra during this period. The sale is expected to close in March 2016 and the vessel is expected to commence operations under its time charter with West Africa Gas Limited at the end of the second quarter of 2016.   The sale of the Golar Tundra will strengthen Golar's liquidity by approximately $130 million, the company said. The sale has been arranged in accordance with the Omnibus Agreement which regulates Golar's obligation to offer any vessel on charter for more than five years to the Partnership.


Golar LNG Restructuring & Equity Offering

Golar LNG Limited announced a major restructuring combined with an intent to conduct an equity offering in its newly formed subsidiary, Golar LNG Energy Limited. Consistent with the announcement made in Golar's first quarter report, Golar has incorporated Energy in Bermuda for the purpose of transferring such part of its asset portfolio which is not employed on long term charters to this entity. The transfer will include the following assets and activities:


GOLAR LNG LIMITED - Further New Building LNG Carriers

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Golar LNG Limited ("Golar" or the "Company") is pleased to announce in furtherance of its recent press release regarding new buildings, that it has acquired further firm contracts to build two additional 160,000 m3 LNG carriers with the Korean shipbuilder Samsung Heavy Industries Co Ltd ("Samsung"). The newbuilding contracts were originally entered into by Companies affiliated with Golar's largest shareholder World Shipholding


Keppel to Convert Second FLNGV for Golar

Keppel to convert second FLNG vessel

  Keppel Shipyard Ltd, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd, informed that it is in the process of finalising contracts with Golar Gimi Limited (Golar Gimi), a subsidiary of Golar LNG Limited (Golar LNG), to perform the conversion of a second Moss LNG carrier, the GIMI, into a Floating Liquefaction Vessel (FLNGV). Earlier on 3 July 2014, Keppel Shipyard was awarded a firm contract by Golar Hilli Corporation (Golar Hilli) to perform the world's


Smith Named CEO of Golar LNG

Photo: Golar LNG

Gary Smith will take over as CEO of Golar LNG limited, taking over for Doug Arnell, who will step down on February 1, 2015.   Smith brings a track record of leadership and operational management in the mid-stream oil and gas, shipping and LNG businesses. His career spans 35 years, including 25 years with Shell and Caltex Australia (a Chevron affiliate) in roles including General Manager LNG Shipping for Shell (STASCO) and General Manager Refining


Golar Receives Financing Commitment for GoFLNG Hilli

Golar LNG Limited 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 company announced today.   The financing structure will fund up to 80 percent of the project cost and will be split into two phases. The first phase enables Golar to drawdown up to $700 million from the facility to fund the ongoing conversion cost


LNG Regassification Terminal for Canaport

The initial phase of construction for the Canaport LNG project begins this week at Irving Canaport. Clearing of the site was completed in May 2005. The initial construction phase involves site excavation and leveling, and is the precursor to full-scale construction. Front end engineering design for the project is now complete, and Canaport LNG issued a request for proposals for engineering, procurement and


Teekay LNG Acquires Interests in Four LNG Newbuildings

Photo coutesy of Teekay LNG

Teekay LNG Partners L.P. announced that it has acquired from BG Group ownership interests in four 174,000 cubic meter Tri-Fuel Diesel Electric (TFDE) liquefied natural gas (LNG) carrier newbuildings, which will be constructed by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. in China. The vessels, which are scheduled to deliver between September 2017 and January 2019, will each operate under 20-year time-charter contracts, plus extension options, with Methane Services Limited


Wärtsilä Debuts Mobile LNG Power Generation

Image: Wärtsilä

A new liquefied natural gas (LNG) storage and regasification barge concept introduced by Wärtsilä's Marine Solutions and Energy Solutions businesses aims to provide a flexible means of meeting small- to medium-scale requirements where pure land-based LNG options are limited.   The Wärtsilä Mobile LNG can be combined with a barge-mounted power plant having an output capacity of up to 250 MW, or it can alternatively be used to supply conventional land-based power plants


Total Signs Deal to Supply LNG to China's ENN

Image: ENN Energy

 Total SA has signed an agreement to supply liquefied natural gas to ENN Energy in China, according to a news release on the French energy company's website.   The deal is for 0.5 million metric tons of LNG per year for a period of 10 years and will be delivered from the company's facilities. Total didn't specify which projects if would source the product from but it has offtake from Australia's Ichthys project, geographically close to China.  


US Battles Russia for European LNG Market

Image: Cheniere Energy

 As the U.S. prepares to enter the European gas markets with its first delivery of liquefied natural gas, Norway and Russia are expected to increase production to lower prices and make exporting less desirable to the U.S., reports Daily Sabah.  


Statoil: Limited U.S. LNG Impact in Europe this Year

File Image: An LNG STS Transfer underway (credit: Excelerate)

The European natural gas market is well supplied by pipeline gas from Norway and Russia, Norway's Statoil said on Wednesday, adding that it expected only limited impact from U.S. liquefied natural gas (LNG) supply this year. "Looking at the gas market moving forward the starting point is


AIDAprima Makes Maiden Call at Southampton

AIDAprima (Photo: AIDA Cruises)

AIDA Cruises’ new flagship AIDAprima docked in Britain’s Southampton port for the first time on the morning of April 27, 2016, as part of a four-day short cruise. AIDAprima will become the first cruise ship to depart from a German port all year round


Pressure Steady on LNG Shipping Rates -Drewry

LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry.


LNG Producers Seek New Markets to Soak up Surplus

The world's top producers of liquefied natural gas (LNG) are investing in ship-fuelling operations, floating import terminals and power plants to open new markets and keep from drowning in a fuel surplus expected to last into the next decade.  


How Japan Can Lead the Marine Renaissance

Image: GE

Being an island nation, Japan is inevitably dependent on seaborne trade. Over time, this has led to it becoming a strong player in the global maritime market.    Japan’s shipbuilding pedigree has gained the country a foothold in LNG carriers


Third LNG-ready Tanker Delivered to Crowley

Photo: Crowley

Crowley takes delivery of Louisiana, third Jones Act tanker with LNG capability   Crowley Maritime Corp. has taken delivery of Louisiana, the third of four new, Jones Act product tankers being built for the company by Philly Shipyard, Inc


French Banks Eye Yamal LNG Project

Image: Yamal LNG

 French banks may participate in lending for the Russia's Yamal liquefied natural gas (LNG) project, a relevant agreement may be signed in 2016, Tass reported quoting Russia's Economic Development Minister Alexei Ulyukayev.   "As for French banks - we have made very serious


UASC, Qatargas and Shell Join to Push LNG as Marine Fuel

Qatargas CEO Khalid bin Khalifa Al Thani (fifth left), United Arab Shipping Company CEO Jorn Hinge (fourth left), and Managing Director and Chairman of Qatar Shell Companies, Michiel Kool (sixth left) along with other officials after the signing ceremony. Photo: Qatargas

 Qatargas, United Arab Shipping Company (UASC) and Shell signed a Memorandum of Understanding (MoU) to explore the development of LNG as a marine fuel in the Middle East region.    This is the second such agreement signed by Qatargas and Shell in as many months and establishes


Cheap Oil Slows Move to LNG as Bunker Fuel

Low oil prices are denting the take-up of liquefied natural gas as a cleaner source of energy to power ships, and it will be a few more years yet before the fuel makes serious inroads into the marine bunker market.   The global shipping sector is under pressure from governments to reduce


Cochin Shipyard, Samsung Heavy Pact for LNG Ship Project

Image: Cochin Shipyard Limited (CSL)

 Cochin Shipyard Limited (CSL) has signed a memorandum of understanding (MoU) with South Koreas second-largest shipbuilder, Samsung Heavy Industries (SHI) to team up to bid for the GAIL (India) Ltd tender to build liquefied natural gas (LNG) ships.   


Sinopec Rolls Out Beihai LNG-import Terminal

Image: Sinopec

 China Petroleum and Chemical Corp (Sinopec) has taken delivery of the first LNG cargo at its new terminal at Beihai City in Guangxi Zhuang, with the arrival yesterday of the LNG carrier Methane Spirit, delivering a cargo from ConocoPhillips-operated Australia Pacific LNG (APLNG)project in


Cyprus LNG Terminal Non-starter?

Cypriot President Nicos Anastasiades. Photo: Cyprus Govt

 Cypriot President Nicos Anastasiades has said that building an LNG terminal in Cyprus will depend on discoveries and the results of the country’s third licensing round.   Discussing the Cyprus Exclusive Economic Zone’s third licensing round


New ClassNK Guidelines for Gas-fueled Ships

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Classification society ClassNK has released the fourth version of its Guidelines for Gas Fueled Ships.   With the introduction of increasingly strict environmental regulations, the industry is now turning toward the use of cleaner fuels such as LNG and more recently other low flashpoint


Nigeria's LNG Export Falls

Photo: Nigeria LNG Limited

 Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG), according to a report in Thisday.   He noted that with no new investments






 
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