GOLAR LNG LIMITED - Further New Building LNG Carriers

Press Release
Friday, April 22, 2011

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. Golar has acquired the newbuilding contracts from the affiliated party based on the original contracting terms. The two latest vessels are for delivery in 2013 and 2014 at a total cost of approximately $400 million. In addition to the now 6 confirmed vessels Golar has fixed priced options to add further capacity.

As previously announced Golar has the possibility to include ice strengthening / winterisation of the ships as well as regasification equipment. The Board consider the competitive  price and payment terms, the  early delivery positions and the flexibility with respect to design to create a significant commercial advantage over other operators who will enter the newbuilding market at a later stage.

In addition to the announced new building program, Golar is in final discussions regarding firm commitments for construction of multiple FSRU carriers.

The Board is pleased by the actions taken by management in order to secure the most attractive yard slots from the most experienced yard.

The Board anticipates that the total financing for the existing new building commitments can be arranged through existing cash, working capital and additional bank financing. The Board does not see a need to raise additional equity to finance the existing new building program.

 

Source: Golar LNG


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