Golar LNG Limited ("Golar" or the
"Company") has 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 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. In the
period between March 2006 and September 2009 he was CEO of the then
smaller Golar LNG Ltd, a position he relinquished to return to his
native Australia for family reasons. Since May 2014 Mr. Smith has
worked as a consultant for Golar with special emphasis on
increasing the utilisation of the shipping fleet. The relationship
between Golar and Mr. Smith is one that is well established and the
Board is delighted to welcome Gary back into this leadership
role.
Mr. Arnell will continue to work
closely with the Company on an advisory basis, devoting his time to
ensuring the successful execution of GoFLNG opportunities in
Cameroon, Canada and other key locations. Mr. Arnell will
also be appointed to the Board of Golar's Nasdaq listed affiliate
Golar LNG Partners LP.
During Mr. Arnell's tenure with
the Company, Golar's market capitalisation has increased by a
factor of close to 4. Golar is now positioned as a leader in
LNG shipping, with one of the industry's most modern and efficient
fleets, and, through its innovation, has become the market leader
in LNG floating storage and regasification. Golar is now building
on this success by extending its strategy into floating
liquefaction (GoFLNG) with the aim of becoming the industry's
leading integrated midstream LNG services provider, supporting gas
resource owners, upstream developers and LNG customers.
The Board wishes to thank Doug for
his dedication to and leadership of Golar and for his very
significant achievements during his four years as CEO.
In a statement Mr. Arnell said "I
wish to thank the staff and management of Golar, its Board of
Directors, and our investors for their support in reaching some
important milestones for the Company. I believe we have
assets and a future strategy that will unlock very significant
further value in the coming years. I am a strong believer in the
Golar story and look forward to continuing to contribute to
it."
The Chairman of Golar, Sir Frank
Chapman, commented "We have succeeded in these moves to secure an
experienced leader and operational manager, known to Golar over
many years, to lead our Company through the next phase. At the same
time, the outgoing CEO has committed his on-going support to our
Company's critical growth initiatives, thus increasing management
capacity and securing a smooth transition at a time of high
activity. I wish both Gary and Doug continued success".
FORWARD LOOKING
STATEMENTS
This press release contains
certain forward-looking statements concerning future events and
Golar's operations, performance and financial condition.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain the words
"believe", "anticipate", "expect", "estimate", "project", "will
be", "will continue", "will likely result", "plan", "intend" or
words or phrases of similar meanings. These statements involve
known and unknown risks and are based upon a number of assumptions
and estimates that are inherently subject to significant
uncertainties and contingencies, many of which are beyond Golar's
control. Actual results may differ materially from those expressed
or implied by such forward-looking statements.
Hamilton, Bermuda
January 19, 2015
Enquiries:
Golar Management Limited: + 44 207 063 7900
Brian Tienzo
Stuart Buchanan
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
HUG#1888020
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