Golar LNG Enters Preliminary Deal for BP FLNG
Golar LNG Limited announced it has entered into a Preliminary Agreement and exchanged Heads of Terms (HoT) for an FLNG vessel for phase 1A of the Greater Tortue / Ahmeyin field, located offshore Mauritania and Senegal.The Preliminary Agreement with BP Mauritania Investments Ltd and BP Senegal Investments Ltd creates obligations on Golar to progress FEED work and be ready for a vessel conversion from July 1, 2018 onward, which would be contingent on Project FID, expected end 2018.The vessel conversion would take place at Keppel Shipyard Ltd, building on Keppel's delivery of the FLNG Hilli Episeyo, utilizing Black and Veatch Corporation's…
FSRU Golar Tundra Sold to Golar LNG Partners
Golar LNG Limited has entered into a purchase agreement to sell the Golar Tundra, a floating storage and regasification unit (FSRU), to Golar LNG Partners LP for a sale price of $330 million. In connection with the closing, Golar LNG Partners will receive a daily fee plus operating expenses, aggregating to approximately $2.6 million per month, for Golar LNG Limited's right to use the FSRU from the date of the closing until the date that the Golar Tundra commences operations under its time charter with West Africa Gas Limited. In return, the Partnership will remit to Golar any hire income received with respect to the Golar Tundra during this period.
Golar LNG Restructuring & Equity Offering
Golar LNG Limited announced a major restructuring combined with an intent to conduct an equity offering in its newly formed subsidiary, Golar LNG Energy Limited. Consistent with the announcement made in Golar's first quarter report, Golar has incorporated Energy in Bermuda for the purpose of transferring such part of its asset portfolio which is not employed on long term charters to this entity. • A 13.6% ownership interest in the Australian listed company LNG Ltd. In addition, Energy will acquire the subsidiary owning the 1970 built LNG carrier Golar Freeze which is scheduled to be converted to an FSRU vessel. The transaction will…
Golar LNG Secures Charters for Carrier Duo
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 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, Stonepeak Launch Launch FSRU Joint Venture
Golar LNG Limited announced that it has entered into a 50/50 joint venture with investment vehicles affiliated with private equity firm Stonepeak Infrastructure Partners. The joint venture company, Golar Power Ltd, will offer integrated LNG based downstream solutions, through the ownership and operation of floating storage and regasification units (FSRU) and associated terminal and power generation infrastructure. Stonepeak shares Golar's ambition to aggressively grow in the FSRU and LNG fueled power market and is committing $290 million in new equity to develop Golar Power. Stonepeak Senior Managing Director, Luke Taylor, commented…
Acquisition of Golar LNG Energy Limited
Reference is made to announcement dated on June 3, 2011 where Golar LNG Limited ("Golar LNG") informed of its intent to exercise its right under Bermuda company law to compulsorily acquire all remaining outstanding shares in Golar LNG Energy Limited ("Golar Energy") and the notice of compulsory acquisition ("tvangsinnløsning") dated June 3, 2011 that was sent out to remaining shareholders in Golar Energy. Golar LNG hereby informs that the compulsory acquisition will be completed at NOK 26.80 per share. The last day for trading the shares on Oslo Børs will be June 29, 2011. On July 4, 2011 the remaining outstanding shares will be acquired by Golar LNG. Settlement through VPS is expected to take place on July 8, 2011.
Keppel to Acquire Golar Hilli Interest
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. Keppel believes that…
Change in CEO at Golar LNG
Golar LNG Limited today announced that Doug Arnell has decided to step down as CEO of Golar on February 1, 2015. Mr. Arnell's decision is driven by a personal wish to return with his family to his home country of Canada. Mr. Arnell will be succeeded by Gary Smith, who is well known to Golar and who brings with him a track record of leadership and operational management success in the mid-stream oil and gas, shipping and LNG businesses. Mr. Smith's career spans 35 years, including…
Golar LNG Q1 Results 2011
Golar secures charters for its 4 modern vessels of between 12 and 18 months. In April 2011, Golar LNG acquired shares in subsidiary company Golar LNG Energy Limited via private placement share swaps and cash purchases that increased its ownership to 95.1%. A voluntary offer has subsequently been made for the balance of the outstanding shares of Golar LNG Energy Limited and Golar LNG currently owns 99.4 % of the shares. Golar LNG Limited ("Golar" or the "Company") reports…
Golar NNG Sells Vessel
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 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.
Golar LNG Signs Deal for 4 LNG Ships
Golar LNG Limited is pleased to announce that it has entered into a firm contract to build four 160,000 m3 LNG carrriers 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. Three vessels are to be delivered in 2013 and one in early 2014. The total cost of the four vessels is approximately $800 million.
Golar LNG sells Golar Viking
Golar LNG Ltd has completed the sale and delivery of the LNG carrier Golar Viking to PT Perusahaan Pelayaran Equinox (Equinox) for US$135 million. The 140,205-cbm Golar Viking (built 2005) has been renamed Salju under Indonesian flag and registry. Under Indonesian Cabotage regulations, LNG cargoes produced and sold within Indonesia must be transported on an Indonesian flagged vessel. Equinox decided to acquire the Golar Viking and transfer the vessel to Indonesian flag due to an anticipated increase in domestic allocation for Indonesian produced LNG cargoes this year.
Golar Redesigns Ship Management with BASSnet
Following a comprehensive exercise to insource all ship management functions and to build a fully integrated shipping company, Golar LNG recently chose the BASSnet software as the core building block for the management of its fleet of 23 LNG carriers. Based in Oslo, Golar Management – the ship management unit of Golar LNG – has joined other shipping industry leaders, such as Stolt Tankers, Anthony Veder, NYK, “K” Line, Wallenius, Hapag Lloyd, Wilhelmsen and CMA CGM, in the BASSnetTM customer community.
Emerson Wins Contract with Golar LNG
Emerson Process Management has won a contract from Golar LNG to supply PlantWeb digital automation architecture for basic process control and safety systems on the Golar Freeze, a floating storage and regasification unit (FSRU) vessel. Currently an LNG carrier, the Golar Freeze will be converted into a floating terminal, and docked at a purpose-built jetty in the Jebel Ali Port near Dubai, UAE. Golar will operate the vessel. Dubai Supply Authority (Dusup) will operate the jetty and the high pressure export line into Dubai to supply needed gas during high energy demand months in the summer.
Wärtsilä to Provide TMA for Golar Fleet
Wärtsilä signed a 5-year Technical Management Agreement with Golar Management Oslo for delivery of services to Golar LNG - one of the largest independent owners and operators of liquefied natural gas (LNG) carriers in the world. The service agreement includes remote monitoring of engines, maintenance planning, advisory services, and guaranteed availability of personnel as well as spare parts. Golar LNG operates a fleet of 13 vessels, dedicated to both LNG transportation and midstream floating solutions.
Keppel to Sign Golar LNG Conversion Contract
Keppel Shipyard enters into a term sheet agreement with Golar LNG regarding the conversion of three LNG vessels. Keppel Shipyard Ltd (Keppel Shipyard) has entered into a term sheet agreement with Golar LNG Ltd (Golar LNG), to work together on the conversion of up to three LNG vessels into Floating LNG (FLNG) vessels. This term sheet agreement requires Keppel Shipyard to start with a Front-End Engineering and Design (FEED) study to confirm the engineering and work scope. Upon completion of the FEED study, Keppel Shipyard will then proceed to work with Golar LNG on the conversion and engineering of the first of the three FLNG vessels. There will be an option to convert the other two FLNG vessels at a later date.
ABS, Golar Strike FLNG Deal
ABS Group subsidiary Genesis Technology Solutions, Inc. (GenesisSolutions) won a contract by Golar LNG to develop an intelligent maintenance strategy for the company’s new fleet of floating LNG (FLNG) vessels usingthe GoFLNG floating liquefaction technology. ABS Group will assist Golar LNG with implementing the Maximo computerized maintenance management system (CMMS) to support its asset management program. ABS Group will provide a model for asset data, criticality rankings, spare parts analysis, a risk-based inspection strategy, failure mode and effects analysis and a maintenance program for the first GoFLNG facility under construction, the Hilli, which will operate off the coast of Cameroon, as well as for future vessels.
Golar LNG Appoints Iain Ross as CEO
Shipping company Golar LNG Ltd said it has appointed Iain Ross as its new chief executive. Ross succeeds Oscar Spieler, who was appointed as CEO last year after having previously led the company between July 2009 and June 2011. Spieler was in charge of the company's FLNG Hilli Episeyo project and is leaving after its delivery, but would remain with the group as executive adviser, the company said in a statement. Ross has joined Golar from project delivery company WorleyParsons Ltd, Golar LNG said. Reporting by Kanishka Singh
Golar LNG to Appoint Sir Frank Chapman as Chairman
Rolls-Royce Holdings plc reports that Golar LNG Limited has announced its intention to propose the appointment of Sir Frank Chapman as its Chairman, conditional upon the closing of the Secondary Offering recently announced by Golar LNG Limited. Sir Frank Chapman is a non-executive director, and chair of the safety and ethics committees, of Rolls-Royce Holdings plc. This disclosure is made pursuant to paragraph 9.6.14 (2) of the Listing Rules. Golar LNG Limited is listed on the NASDAQ Stock Market.
Golar Cameroon FLNG Project Update
Golar LNG Limited announced its Cameroon FLNG project has received approval and signature of the binding Tolling Term Sheet thereby confirming the commercial terms for the FLNG vessel Golar Hilli. Cameroon's state owned oil and gas company Société Nationale des Hydrocarbures (SNH), Perenco Cameroon (Perenco) and Golar are all parties to the executed agreement. Operations are scheduled to begin in the second quarter of2017.
Golar Mulls Third FLNG deal
Golar LNG has signed a binding Heads of Terms with Ophir Energy Plc for the provision of the GoFLNG vessel Gimi. Golar has started discussions with partners Keppel and Black & Veatch aimed at exercising an option, under an existing framework agreement, for the ordering of a third GoFLNG unit similar to the Hilli and the Gimi. The vessel will replace the previously announced floating liquefaction storage and offloading (FLSO) that would have been supplied by Houston-based Excelerate Energy.