Golar LNG Bags New Long-term FSRU Contract
Golar LNG Partners announced that it has executed a 15-year charter with an energy and logistics company for the provision of an FSRU (floating storage and regasification unit) and related services in the Atlantic Basin. The charter provides the Partnership with the flexibility to nominate either the Golar Spirit or the Golar Freeze to service the contract provided that the nominated FSRU satisfies certain technical specifications ahead of project start-up, which is expected in the fourth quarter of 2018. The vessel is expected to remain in service for up to 15 years without drydock and will therefore undergo drydocking as well as some minor modifications prior to service commencement.
Golar LNG Cuts Dubai FSRU Charter
Golar LNG Partners has agreed with the charterer of the Golar Freeze FSRU, Dubai Supply Authority (DUSUP) certain amendments to the existing time charter that was due to end in May 2020. DUSUP have two FSRU's on contract and do not currently have full time use for Golar Freeze and have therefore been working with Golar Partners to find alternative employment. Golar Partners and DUSUP will continue to cooperate with regards to future employment for Golar Freeze but in the meantime have agreed certain amendments to the existing charter. Golar Partners and DUSUP have agreed to shorten the charter by one year and to remove DUSUP's termination for convenience rights and extension option rights (which ran to 2024).
Golar LNG Hit by Weak Market
Oscar Spieler-led LNG shipowner Golar LNG Ltd. (GLNG) on Tuesday reported a loss of $80.1 million in its first quarter. The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 41 cents per share. The operator of carriers for natural gas shipping posted revenue of $18.6 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $23.1 million. The early part of 2016 has witnessed a continuation of the weak LNG freight market, says a company statement. The majority of fixtures have been in the Pacific basin, however they have tended to be for relatively short periods, and this is also where the largest number of idle vessels are located.
Golar Secures FSRU Golar Tundra Financing
Golar LNG Limited announced today that it has received an underwritten financing commitment for the December 2015 delivering newbuild FSRU Golar Tundra. Based on the current cost of the Tundra, the facility of up to $216 million, to be provided by China Merchants Bank Leasing, has a 16 year amortisation profile, will fund the FSRU on a charter free basis, and, at current 10 year interest rate swap levels, will have an all-in cost of less than 6%. Subject to an acceptable charter, Golar expects the facility amount and profile to increase. The facility also provides for the Tundra's eventual sale to Golar LNG Partners L.P. On the currentā¦
Samsung Heavy Industries Building Two Golar LNG Carriers
Golar LNG Limited announces that the Company has entered into firm contracts with Samsung Heavy Industries Co. Ltd for a further two LNG carriers. The two additional vessels, each with a capacity of 160,000cbm have a combined total cost of slightly above $400 million. The first of the carriers is scheduled for delivery in the second quarter of 2014 and the second in early 2015. Subject to declaration deadlines, each contract also comes with an option for a further carrier for 2015 delivery.
