Golar LNG to Sell a Portion of Its Interests in Golar LNG Partners LP
January 08 2015 - 04:07PM
Golar LNG Limited ("Golar" "GLNG"
or "the Company") announced today that it is offering 7,170,000
common units, representing limited partner interests in Golar LNG
Partners LP ("Golar Partners" or the "Partnership") as a selling
unitholder in the public offering announced on January 8, 2015 by
Golar Partners (the "Offering").
Golar intends to use the net
proceeds of the Offering to fund a portion of the recently
announced contract with Keppel Shipyard to convert one of its first
generation LNG carriers, Gimi, into a floating
natural gas liquefaction facility (GoFLNG). These proceeds
will be in addition to the net proceeds expected to be received
over the next two years from the recently announced USD $390
million sale of the Golar Eskimo to Golar
Partners when Golar Partners refinances the USD $220 million loan
from Golar to be made in connection with the closing of the
acquisition. This will be Golar's second GoFLNG conversion
project and long-lead items are in the process of being ordered.
The investment is expected to secure future growth for Golar.
Although the Company continues to develop a number of
opportunities for the deployment of GoFLNG, to retain timing
flexibility in the roll out of Golar's floating LNG strategy,
cancellation provisions have been secured, which if exercised prior
to November 2015, will allow termination of the contracts and
recovery of previous milestone payments, less a set cancellation
fee.
The sale of 7,170,000 common units
gives Golar the flexibility to issue Keppel with a notice to
proceed with the conversion of the Gimi while finalizing the long
term contract and financing for the first GoFLNG unit.
Following completion of the
Offering, Golar will own the following interests in Golar Partners:
1,668,096 common units, 15,949,831 subordinated units, the 2%
general partner interest (through its ownership of the general
partner) and all of the incentive distribution rights. The common,
subordinated and general partner units amount to approximately 30%
of Golar Partners total units in issue and this is expected to
remain as a long-term holding.
This news release does not
constitute an offer to sell or a solicitation of an offer to buy
the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. The common units will be offered and sold
pursuant to an effective registration statement on Form F-3
previously filed by Golar LNG Partners LP with the Securities and
Exchange Commission (the "SEC"). This offering may be made only by
means of a prospectus supplement and accompanying base prospectus,
which has been filed by Golar LNG Partners LP with the SEC.
FORWARD LOOKING
STATEMENTS
This press release contains certain
forward-looking statements concerning future events.
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 8, 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#1885539
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