Golar Enters Into Key Agreements for Maiden Floating Liquefaction Vessel
July 02 2014 - 4:20PM
Golar LNG Limited ("Golar" or "the
Company") is pleased to announce that following a successful
follow-on equity offering, it has executed and made effective key
agreements for conversion of the 125,000 m3 LNG carrier
Hilli to a floating liquefaction vessel (an "FLNGV"). The primary
contract for the FLNGV was entered into with Singapore's Keppel
Shipyard Limited ("Keppel"). Keppel has simultaneously entered into
a sub-contract with global engineering, procurement and
construction company Black & Veatch who will provide its
licensed PRICO® technology, perform detailed engineering and
process design, specify and procure topside equipment, and provide
commissioning support for the FLNGV topsides and liquefaction
process. Golar selected Black & Veatch's PRICO® technology for
the liquefaction process because of its long-established record of
reliable performance in global operations. The conversion has been
approved in principle by DNV in accordance with their
classification rules and international standards.
The FLNGV conversion contract is a
key step towards full implementation of Golar's floating LNG
production strategy. The Company is excited to be working with such
high caliber project partners as Keppel and Black & Veatch.
Keppel's world-leading position in conversion of floating
infrastructure coupled with Black & Veatch's deep LNG
experience creates a strong project team with a solid record of
delivering complicated projects on budget and on time. The
conversion is scheduled to be completed in February 2017. Golar has
also secured firm options for conversion of two additional vessels
which can be delivered from the yard in the third quarter of 2017
and the first quarter of 2018.
The conversion vessel Hilli will
be delivered to Keppel shipyard in Singapore within 3 to 4 months
to initiate renewal of key systems onboard the vessel while the
topsides are manufactured. The FLNG production equipment will be
mounted on two new sponsons which will be connected to the vessel.
The Company expects the FLNGV conversion to be completed and
delivered in approximately 31 months, which Golar views as one of
several strong competitive advantages. This will make it possible
for the Company to offer a cost effective and reliable LNG
production facility to its customers several years ahead of any
potential competitors. The Board of Golar is pleased with the
recent progress and feels the Company is well positioned to play a
major role in the development of LNG infrastructure over the years
to come.
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
July 2, 2014
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#1812130
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