Keppel to Acquire Golar Hilli Interest

By George Backwell
Thursday, September 04, 2014
LNG carrier: File photo

KSI Production Pte Ltd (KSI), an indirect wholly-owned subsidiary of the Keppel Corp. says it has agreed to acquire 50 ordinary shares representing a 10% interest in Golar Hilli Corporation, which owns one Moss LNG carrier.

Golar Hilli is the owner of the Moss LNG carrier HILLI which, as announced on 3 July 2014, is scheduled to be converted into a Floating Liquefaction Vessel (FLNGV) by Keppel Shipyard Limited, another wholly-owned subsidiary of the Company. (Both Golar GHK and Golar Hilli are subsidiaries of Golar LNG Limited, with Golar GHK currently being the sole shareholder of Golar Hilli.)

Keppel believes that this acquisition strengthens the alignment of strategic interests between Keppel Shipyard Limited and Golar LNG Limited, and reflects Keppel's confidence in the prospects of Golar Hilli, the world's first FLNGV conversion project. The Company also believes that this investment will provide an attractive risk-adjusted return.

The aggregate cash consideration of US$50 was arrived at on a willing buyer willing seller basis, taking into account the book value and net tangible asset value of the Acquired Shares, being US$50 as at 1 September 2014, and was funded through the internal working capital of KSI.

As part of the Acquisition, KSI will also be extending a shareholders' loan of US$21,688,029 to Golar Hilli, representing 10% of the total amount of shareholders' loan extended to Golar Hilli, taking into account Golar Hilli's capital expenditure.

Source: Keppel Corporation

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Ship Sales

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

BMT-Designed Flex Ferries Delivered in Singapore

A trio of 38-metre Flex Ferries, built by Singapore’s Penguin Shipyard International and designed by Southampton-based BMT Nigel Gee, have been delivered to their new owner,

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

LNG

Getting Real on LNG Fuel

Plentiful supply, low prices and strict regulations on air pollution are fuelling a swift move towards using LNG as fuel for ship propulsion in the USA and Canada.

Interferry Welcomes IMO Decision on LNG Fuel Tank Placement

Interferry has welcomed a decision at last week’s IMO Maritime Safety Committee meeting (MSC94) setting out rules for the location of fuel tanks on LNG-powered ships,

HHI to Build FSRU for Höegh LNG

A new Floating Storage and Regasification Unit (FSRU) will be built by the Korean shipbuilding Company Hyundai Heavy Industries (HHI). This FSRU will be the fifth

Logistics

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Vacant Pier to Help Ease Long Beach Congestion

Pier S temporary depot to relocate empty containers for next five months    The Port of Long Beach expects a “Temporary Empty Container Depot” planned for a vacant

Russian Liftings for Western Options at 12-Year Low

By Gleb Gorodyankin MOSCOW, Nov 25 (Reuters) - Exports of Russian crude oil to Western markets are set to fall by almost a third in December and reach a 12-year

Mergers & Acquisitions

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

Hamburg Süd Headquarters Being Expanded

On 21 November 2014, Hamburg Süd laid the foundation stone for the extension to the shipping company’s headquarters in Hamburg. The new building is going up

Fincantieri Sign MoUs with Carnival & CSSC

Fincantieri, the world leader in the construction of cruise ships, has signed two memorandums of understanding, respectively with Carnival Corporation, the world’s largest cruise line,

Offshore Energy

Pile Testing for Wikinger Wind Farm Launched

In October 2014 the first phase of the pile testing campaign for the Wikinger offshore wind farm project was launched after the site’s geotechnical investigation on the Baltic Sea had been completed.

Damen, Palfinger Upgrade North Sea Jack-Up Rig

With the support of Palfinger systems JUMP technology, Damen Shiprepair Vlissingen has completed an upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea,

Vietnam Warship Visits Underscore Regional Tension

Vietnam on Tuesday showed off its two most powerful warships in the first-ever port call to the Philippines but an official said it was not trying to challenge

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2158 sec (5 req/sec)