Oscar Spieler News

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

Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), will soon deliver the world's first converted Floating Liquefaction Vessel (FLNGV) owned by Golar Hilli Corporation (Golar), a subsidiary of Golar LNG Ltd. The vessel was named Hilli Episeyo at a ceremony in Keppel Shipyard today. Upon its completion, the FLNGV will be put in operation offshore Kribi, Cameroon for Société Nationale des Hydrocarbures and Perenco Cameroon SA, and will be the first FLNGV project in Africa. Chris Ong, CEO of Keppel O&M said, "We are proud to be able to deliver the world's first FLNGV conversion in partnership with Golar LNG within three years and with a commendable safety record.

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.

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.

PT Pertamina (Persero) has entered into a definitive Sale and Purchase Agreement pursuant to which Windstar Marine Inc. and Speed Shipping Corp. two single purpose companies nominated by Frontline Ltd. in accordance with the Terms of Reference for Bid, but presently controlled by Frontline's majority shareholder Hemen Holding Limited ("Hemen"), have agreed to acquire Pertamina's two Very Large Crude Carriers ("VLCC") which are currently being constructed by Hyundai Heavy Industries Co. Ltd. More than 40 bidders were invited to participate in the bidding process and finalists were short listed including the Buyers, Essar Shipping Ltd. of India and Overseas Shipholding Group Inc. of USA.

Frontline Ltd. has secured two VLCC newbuildings for delivery in 2006. The newbuildings has been secured through a purchase of two resale contracts for a total price of $158.5 million. Initially only 10 percent of the contract price will have to be paid in cash. CEO of Frontline Management Oscar Spieler said "The Combination of the price, the payment terms and the delivery position makes this a very attractive investment for Frontline. Frontline will prior to delivery of the vessels consider various options to sell the vessels to a third party and take them back on long term charters. One of the most likely options is to agree a long term sale / charter back with our affiliated party Ship Finance International Limited."