Golar Frost News

Golar LNG announced today that it has been awarded 2 time charters by Nigeria LNG Ltd ("NLNG") to employ the recently delivered Golar Frost and Golar Crystal. Employment of both vessels under these contracts will commence in January 2015 and will continue for a duration of approximately 12 months for each vessel. NLNG has elected to retire earlier than planned 3 of its smaller and less efficient LNG Carriers and to replace these with Golar's more modern and technically advanced ships, while NLNG awaits the delivery of its own recently ordered new vessels. Golar's CEO Doug Arnell commented "Golar is delighted to be selected by NLNG for these charters.

Tugs Fairmount Summit and Fairmount Alpine have delivered the very first “floating gas plant” in the world, the FSRU Toscana, safely offshore Livorno, Italy. The Toscana, a one of a kind unit, was towed from Dubai via Malta where final equipment was installed. After delivering the Toscana, both Fairmount tugs assisted in mooring the unit to her six pre installed anchors. The Toscana is a so-called floating, storage and re-gasification unit (FSRU) which is now moored 12 miles offshore Livorno and will be used as a terminal and export point for liquefied natural gas (LNG).

Drydocks World said that Floating Storage Re-gasification Unit (FSRU) Toscana sailed away from Drydocks World – Dubai. The unit, formerly the 138,830-cbm LNG carrier Golar Frost, has been under conversion since June 2009 at Drydocks world Dubai yard for contractor Saipem and owner OLT. The LNG Carrier, built by Hyundai Heavy Industries was converted into a floating LNG receiving terminal of the FSRU type, and will be permanently moored off Livorno, Italy and connected to shore through a gas export pipeline. There are only a few such units in operation around the world.

During the past two years Drydocks World (DDW) has suffered from the restraints of a financial problem following the purchase of one shipyard in Singapore and one on the Indonesian island of Batam (both former Pan United shipyards) and two more on Batam (both former Leroy shipyards). This debt has now been restructured and the management of those yards has been taken over by China’s Paxocean, thus leaving DDW is a much better state and looking forward to a better future. The main yard of DDW is Drydocks World – Dubai (DDW-D)…

Naming ceremony held in the presence of senior personnel. Drydocks World, a maritime services provider, after the naming ceremony held yesterday by OLT LNG Offshore Toscana, announced that the FSRU Toscana conversion project at the Dubai based shipyard, is going to be finalized. The Floating Storage and Re-gasification Unit is intended for a 20 year design life 12 nautical miles off the shores of north-west Italy, in the waters of the Tyrrhenian Sea close to Livorno. The Liquefied Natural Gas (LNG) carrier Golar Frost…

Genoa-based classification society RINA has taken a lead in the developing market for floating LNG terminals. It has been chosen to class the first offshore Floating Storage and Regasification Unit (FSRU), and is providing studies and support for a number of further offshore LNG projects, including the newbuilding which is likely to be the world’s second offshore LNG FSRU. Addressing the Mare Forum Houston conference, Massimo Volta, RINA’s General Manager America, said, “Italy leads the world in implementing offshore LNG terminals. We have recently brought the Adriatic LNG terminal on stream, and we have five more live projects for floating and gravity-based offshore LNG terminals around our coasts.

Drydocks World - Dubai, a ship repair, conversion and new building yard and the flagship company of Drydocks World, announced that work is underway on its first ever Floating Storage Re-gasification Unit (FSRU) conversion project, known as the FSRU LIVORNO Project. The conversion of the Liquefied Natural Gas (LNG) carrier, Golar Frost into an FSRU, is being handled by the Main Contractor, Saipem, a leading international turnkey contractor in the oil and gas industry and will be delivered to OLT Offshore LNG Toscana, a company operating in the Italian gas industry.

Reuters notes that Norwegian liquid gas tanker group Golar LNG has agreed to sell its Golar Frost vessel for about $231 million to a part-owned project that is building a gas terminal at Livorno on the Italian coast.Golar LNG has a 16 percent stake in the project company OLT Offshore LNG Toscana S.p.a., which is building a liquid natural gas terminal (LNG) and is the buyer of the vessel. The vessel is on charter until March 2008, and all income from the vessel will be to Golar LNG's benefit until the sale is completed in June.

Golar LNG reports its highest ever quarterly net income at $53.3 million for the three months ended March 31, 2007, as compared to $36.6 million for the three months ended December 31, 2006. These results include the gain on the sale of newbuilding DSME Hull 2244 of $41.1 million. Operating income was also increased at $58.6 million for the first quarter as compared to $40.4 million for the fourth quarter. Revenues have been negatively impacted by a generally weaker spot market for trading LNG ships during the first quarter. Two of Golar's six vessels exposed to the spot market were fixed throughout the period at good rates, but this was offset by two of the other vessels suffering extended periods of idle time.

Golar LNG Limited is announced that its subsidiary, Golar Offshore Toscana Limited has signed a share purchase agreement with OLT Energy Toscana SpA for the acquisition of 20% of the shares in OLT Offshore LNG Toscana S.p.A. The new LNG terminal, which earlier this year was granted a government decree approving or permitting the project, will have a regulated capacity of 3.75 Bcm/year. The terminal will be located 20 km out to sea off the Livorno coast; away from populated areas creating substantial environmental and security benefits and significantly reducing visual impact. Included in the deal is an intention between the parties to sell the LNG carrier Golar Frost to OLT-O.