Golar Commences Negotiations for the Third GoFLNG Vessel

Source: www.gulfoilandgas.com 5/5/2015, Location: Africa

Golar LNG has commenced 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 specific objective of these discussions will be to mature the option to deliver a third unit for start-up in 2018 i.e. between the target on-stream dates of 2017 and 2019 for the first two units destined respectively for Cameroon and Equatorial Guinea.

This initiative flows from significant interest being stimulated today by Golar's new approach to developing FLNG projects. The company continues to evolve its opportunity funnel and has identified a number of possible leads for deploying facilities similar to Hilli and Gimi, for the commercialisation of high quality, stranded gas accumulations in relatively benign met-ocean conditions. Work continues to mature these leads, although these remain subject to business development uncertainty.

Golar intends to pursue the third GoFLNG vessel on a similar contractual basis as the second vessel, preserving flexibility on design and delivery schedule, and including cancellation provisions. At present the Company does not envisage this third GoFLNG option requiring the issuance of new equity.

The Chairman of Golar, Sir Frank Chapman, commented: "Progress with our projects in Cameroon and Equatorial Guinea provides evidence of the technical and commercial competitiveness of GoFLNG, and customer recognition of the benefits of the shorter lead-time and lower risk implementation inherent to our approach. We intend to maintain first-mover momentum by positioning the company to capture new business opportunities, while safeguarding Golar's capacity to fund and execute existing and any new projects".

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