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, Delfin to Jointly Develop US FLNG Project
A joint development agreement between Delfin Midstream and Golar LNG Limited will see the two jointly develop the Delfin LNG project off the coast of Cameron Parish, La. The joint development agreement will facilitate the financing, marketing, construction, development and operation of Delfin LNG, the first and only permitted floating LNG (FLNG) export project in the U.S. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to four FLNG vessels producing up to 13 million metric tons of LNG per annum. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of Mexico, in 2014 and submitted its Deepwater Port license application in 2015.
Stolt-Nielsen, Golar LNG Form Joint Venture
Stolt-Nielsen Limited and Golar LNG Limited have formed a 50/50 joint venture to pursue opportunities in small-scale LNG production and distribution, the companies announced today. Stolt-Nielsen Limited has invested in Golar LNG through open-market purchases, representing an ownership stake of approximately 2.3 percent in the company. Commenting on the investment, Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen Limited, said, "A key element of Stolt-Nielsen's long-term strategy is diversification that leverages our core skillsets, including shipping, storage and distribution.
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…
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.
Keppel to Convert Second FLNGV for Golar
Keppel Shipyard Ltd, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd, informed that it is in the process of finalising contracts with Golar Gimi Limited (Golar Gimi), a subsidiary of Golar LNG Limited (Golar LNG), to perform the conversion of a second Moss LNG carrier, the GIMI, into a Floating Liquefaction Vessel (FLNGV). Earlier on 3 July 2014, Keppel Shipyard was awarded a firm contract by Golar Hilli Corporation (Golar Hilli) to perform the world's first-of-its-type conversion of a Moss LNG carrier…
Golar Moves Ahead with lucrative FLNG Project in Cameroon
Golar LNG Limited inform that with regards the signing of a Heads of Agreement with Societe Nationale de Hydrocarbures ("SNH") and Perenco Cameroon ("Perenco") for the development of a floating liquefied natural gas export project in Cameroon that took place on 24 December 2014 an agreement has now been reached with the support of the Boards of both Golar and Perenco on the material commercial terms and conditions for the project. The Tolling Agreement which defines the material commercial terms and conditions for the project is now subject to finalisation with SNH and government approval.
Golar LNG Partners in FLNG Hilli Episeyo Stake Acquisition
Golar LNG Partners announced that it has entered into a purchase and sale for the acquisition from Golar LNG Limited and affiliates of Keppel Shipyard and Black and Veatch of equity interests in Golar Hilli LLC, which will, on the closing date of the Acquisition, indirectly own the FLNG, Hilli Episeyo. The Acquired Interests represent the equivalent of 50% of the two liquefaction trains, out of a total of four, that have been contracted to Perenco Cameroon SA and Societe Nationale Des Hydrocarbures for an eight-year term.
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…
Sir Frank Chapman Appointed Golar's Chairman
Golar LNG Limited announced that with effect from September 19, 2014, Sir Frank Joseph Chapman has been appointed to the Board of Directors of the Company and will act as the Company's Chairman. Sir Frank Chapman has worked 40 years in the oil and gas industry culminating in a twelve-year period as Chief Executive of BG Group plc. Under Sir Frank's leadership, BG Group grew from the modest UK-based Exploration and Production interests of the old British Gas into an international integrated oil and gas major. Operating profits grew from some $50 million in 1996 to more than $8 billion in 2012.
Golar Acquires Financing for GoFLNG
Golar LNG Limited announced today that it has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd ("CSSCL") in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli. The financing structure will fund up to 80% of the project cost and will be split into two phases. The first phase enables Golar to drawdown up to $700m from the facility to fund the ongoing conversion cost, once Golar…
Golar Receives Financing Commitment for GoFLNG Hilli
Golar LNG Limited has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd (CSSCL) in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli, the company announced today. The financing structure will fund up to 80 percent of the project cost and will be split into two phases. The first phase enables Golar to drawdown up to $700 million from the facility to fund the ongoing conversion cost, once Golar has spent $400 million of the estimated $1.2 billion conversion cost and the tolling contract with Perenco and SNH have been ratified by the Cameroon government, expected during the third quarter of 2015.
Golar Inks Deal for Third FLNG Conversion
Golar LNG Limited has executed agreements for conversion of the 126,000 m3 LNG carrier Gandria to a Golar floating liquefaction facility (GoFLNG), the company announced today. As with the GoFLNG Hilli and Gimi conversions, the primary contract for the GoFLNG Gandria was entered into with Singapore's Keppel Shipyard Limited. The Gandria conversion contract marks the exercise of the second of two options that formed part of the initial 2014 Hilli conversion contract. Black & Veatch will provide its licensed PRICO technology, perform detailed engineering and process design, specify and procure topside equipment, and provide commissioning support for the GoFLNG topsides and liquefaction process.
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FLNG Hilli Episeyo Departs Singapore Early
Golar LNG Limited said today that its floating liquefied natural gas (FLNG) vessel Hilli Episeyo departed Singapore for Cameroon earlier than anticipated, leaving at 10 a.m. local time on October 12. Hilli Episeyo was scheduled to leave Singapore between October 15 and October 20, but Golar LNG said a decision was made to complete LNG bunkering in Cameroon rather than in Singapore. The voyage to Cameroon is expected to take between 32 and 40 days. The world’s first FLNG conversion, Hilli Episeyo was converted from a 1970s-built LNG carrier by Keppel Shipyard. The vessel will go to work offshore Kribi, Cameroon for Société Nationale des Hydrocarbures and Perenco Cameroon.
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 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.
Keppel Wins Second FLNG Conversion Contract
Keppel Shipyard has secured a firm contract from Golar Gimi Corporation (Golar Gimi), a subsidiary of Golar LNG Limited (Golar LNG), to perform the conversion of a second Moss Liquefied Natural Gas (LNG) carrier, the GIMI, into a Floating Liquefaction Vessel (FLNGV). The contract, which has become effective, is worth approximately $705 million. Michael Chia, Managing Director (Marine & Technology), Keppel O&M, said, "We are happy that Golar LNG is proceeding with their second FLNGV conversion, and would like to thank them for once again entrusting Keppel Shipyard as their lead contractor of choice. This second contract comes just six months after the first contract, and we are encouraged by this positive development.
Golar and WAGL Ink Ghana FSRU Contract
Golar LNG Limited announced today that it has executed a firm contract to provide West African Gas Limited (WAGL) with floating storage and regasification unit (FSRU) services to support their liquefied natural gas (LNG) import operations in Ghana. WAGL is jointly owned by subsidiaries of the Nigerian National Petroleum Corporation (NNPC) with 60 percent and Sahara Energy Resource Ltd with 40 percent. The joint venture is developing an LNG import project at the port of Tema on the coast of Ghana West Africa with a planned start up in the second quarter of 2016. The FSRU will be moored inside the port at a new jetty being built by WAGL. The contract will be for an initial period of five years with the option for WAGL to extend for a further five years.
Smith Named CEO of Golar LNG
Gary Smith will take over as CEO of Golar LNG limited, taking over for Doug Arnell, who will step down on February 1, 2015. Smith brings a track record of leadership and operational management in the mid-stream oil and gas, shipping and LNG businesses. His career spans 35 years, including 25 years with Shell and Caltex Australia (a Chevron affiliate) in roles including General Manager LNG Shipping for Shell (STASCO) and General Manager Refining, Supply and Distribution for Caltex Australia.
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…
Ophir, OneLNG JV to develop Fortuna FLNG Project
Ophir Holdings & Ventures LTD ("Ophir"), a wholly owned subsidiary of Ophir Energy plc, and OneLNGSM, a joint venture between subsidiaries of Golar LNG Limited and Schlumberger, announce that they have signed a binding Shareholders' Agreement to establish a Joint Operating Company ("JOC") to develop the Fortuna project, in Block R, offshore Equatorial Guinea utilising Golar's FLNG technology. OneLNG and Ophir will have 66.2% and 33.8% ownership of the JOC respectively (with economic entitlements materially consistent with the equity interest in the JOC).
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…