100% Uptime for FLNG Hilli Episeyo

Maritime Activity Reports, Inc.

September 1, 2019

Pic courtesy: Golar LNG

Pic courtesy: Golar LNG

Bermuda-registered liquefied natural gas (LNG) shipping company Golar LNG said that its floating LNG (FLNG) Hilli Episeyo continues to achieve 100% commercial uptime. The vessel recently exported its 25th cargo.

"Discussions continue with field operator Perenco with respect to increasing the vessel's utilization and potentially increasing the overall duration of the contract term," the NASDAQ-listed company said.

 The initial focus of these discussions remains on utilization of train 3 and the contract adjustments necessary to ensure that the export of additional LNG at current prices is an attractive proposition for all parties. "We expect resolution of this by year-end," the company said.

The FLNG Gimi Conversion project continues on target in Singapore.  Seventy percent owned FLNG Gimi, expected to cost $1.3 billion excluding financing costs, will service the 20-year contract with BP offshore Mauritania and Senegal, commencing 4Q 2022. Procurement of long lead items, vessel life extension, removal of redundant equipment and fabrication of the sponsors are being progressed.

On July 30, Golar together with Leviathan Joint Venture Partners Noble Energy, Delek Drilling and Ratio Oil entered into an Interim Project Development Agreement to assess the viability of a Golar FLNG solution to support future development phases of the Eastern Mediterranean Leviathan project.

The initial development phase of this world-class 620bcm field will supply Middle East markets via existing pipeline infrastructure. The Interim Project Development Agreement contemplates the potential use of an FLNG solution to monetize subsequent expansion phases via the export of LNG to global markets.

Using design basis input from the Leviathan Partners, Golar will assess the compatibility of its existing FLNG Front End Engineering and Design study for an FLNG vessel of up to 5mtpa. The Company believes that its generic mark III newbuild solution will be suitable for this and other potential projects under active discussion.

In addition, the Company has recently entered into agreements and negotiations with a number of major oil and gas companies to assess various opportunities globally for deploying its generic FLNG vessels, which if concluded have the potential for the counter-parties to reach a final investment decision in 2020. The Company has however decided against jointly developing the FLNG vessel for the US Gulf Coast Delfin LNG project.

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