Golar to Supply FLNG for BP
Golar LNG Limited announced Tuesday that its newly incorporated subsidiary Gimi MS Corporation has entered into a 20-year Lease and Operate Agreement (LOA) with BP for the charter of a floating liquefied natural gas (FLNG) unit, Gimi, to service the Greater Tortue Ahmeyim project offshore Mauritania and Senegal.The FLNG unit Gimi will liquefy gas as part of the first phase of the Greater Tortue Ahmeyim project and be located at an innovative nearshore hub located on the Mauritania and Senegal maritime border. Expected to commence production in 2022…
Golar FSRU Golar Freeze Lined Up for Jamaican Project
Norwegian shipping company Golar LNG Partners is deploying a floating storage and regasification unit (FSRU) to Jamaica for up to 15 years from the fourth quarter of 2018."FSRU Golar Freeze will shortly arrive offshore Jamaica where she will service a 15-year charter for an energy and logistics company," the partner company of Golar LNG Limited said in a stock market annoucement.From commencement of commercial operations, expected during January, 2019, hire will be receivable at the full daily base rate, initially expected to deliver approximately $18 million in annual Adjusted EBITDA, it said.Meanwhile, Golar Maria's 10-month charter commenced in early August.
FLNG Hilli Episeyo Operates in Full Capacity
Golar LNG Limited confirmed that FLNG Hilli Episeyo continues to operate with 100 percent commercial availability.Currently in the process of exporting its 10th LNG cargo, the vessel's proof of concept continues to add momentum to both existing and new opportunities under discussion. Discussions also continue with field operator Perenco as to the timing of utilization of Hilli Episeyo's excess capacity.Golar and affiliates of Keppel Shipyard Limited and Black and Veatch closed the sale of 50 percent of the common units in Golar Hilli LLC to the Partnership on July 12, .
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…
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, 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.
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 Power Greenlights Sergipe Power Project
The board of Golar Power announced that it has approved taking a Final Investment Decision on the Porto de Sergipe Project, thereby enabling CELSE, the project company, to enter into a lump sum turn-key EPC agreement with General Electric to build, maintain and operate a 1.5 GW combined cycle power plant in Brazil. The executed EPC contract with General Electric, which makes up approximately 80 percent of the project cost, has been structured on a non-recourse basis to the sponsors Golar Power and Ebrasil with all liabilities limited to the project level (CELSE).
Golar, Schlumberger Enter LNG Joint Venture
A new joint venture between Golar LNG Limited and Schlumberger, OneLNGSM, has been created with the goal of rapidly developing low cost gas reserves to LNG. The combination of Schlumberger reservoir knowledge, wellbore technologies and production management capabilities, with Golar's low cost FLNG (Floating LNG) solution, will offer gas resource owners a faster and lower cost development thereby increasing the net present value of the resources. Golar and Schlumberger have 51/49 ownership of the joint venture. Golar and Schlumberger have agreed an initial investment commitment to cover the estimated equity needed to develop the first project.
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.
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 Unwinds Part of Total Return Swap
Golar LNG Limited has settled and reduced its exposure under its Total Return Swap (TRS) agreement from 3.5 million shares to 3 million shares through a direct acquisition of 500,000 shares, the company announced today. Golar LNG said it now owns these 500,000 shares outright as treasury shares and continues to hold TRS contracts for a further 3 million shares. Excluding treasury shares, the number of outstanding shares in Golar after this transaction has been reduced to 93,046,663.
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.
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. The facility also provides for the Tundra's eventual sale to Golar LNG Partners L.P.
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 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…
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…
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 has spent $400m of the estimated $1.2bn conversion cost and the tolling contract with Perenco and SNH have been ratified by the Cameroon government, expected during Q3 2015.
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.
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.
