Singapore's Osprey Maritime said on Monday it agreed to sell its liquefied natural gas (LNG) operations to new subsidiary Golar LNG for US$635 million as part of a restructuring exercise. The marine and chartering services provider said in a statement the disposal was in line with the proposal by World Shipholding Ltd, its controlling shareholder, to reorganize and consolidate all of its LNG interests into Golar LNG. The sale also gives Osprey the opportunity to restructure its LNG assets and to repay existing debts. World Shipholding, a global energy transport giant controlled by Norwegian shipping magnate John Fredricksen, took over Osprey late last year. Osprey shares were de-listed from the Singapore Exchange on May 15.