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 2.75 billion standard cubic meters, or BSCM, per year at variable gas send out pressures up to 85 bar.