Golar commences negotiations for the Company's third GoFLNG vessel
May 05 2015 - 7:56AM
Golar LNG ("Golar") announced
today that it 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".
FORWARD LOOKING
STATEMENTS
This press release contains
forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended) which reflects
management's current expectations, estimates and projections about
its operations. All statements, other than statements of
historical facts, that address activities and events that will,
should, could or may occur in the future are forward-looking
statements. Words such as "may," "could," "should," "would,"
"expect," "plan," "anticipate," "intend," "forecast," "believe,"
"estimate," "predict," "propose," "potential," "continue," or the
negative of these terms and similar expressions are intended to
identify such forward-looking statements. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, some of which are beyond
our control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. You should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Unless
legally required, Golar undertakes no obligation to update publicly
any forward-looking statements whether as a result of new
information, future events or otherwise.
Among the important factors that
could cause actual results to differ materially from those in the
forward-looking statements are: changes in LNG, FSRU and
FLNGV market trends, including charter rates, ship values and
technological advancements; changes in the supply and demand for
LNG; changes in trading patterns that affect the opportunities for
the profitable operation of LNG carriers, FSRUs; and FLNGVs;
changes in Golar's ability to retrofit vessels as FSRUs and FLNGVs,
Golar's ability to obtain financing for such retrofitting on
acceptable terms or at all and the timing of the delivery and
acceptance of such retrofitted vessels; increases in costs; changes
in the availability of vessels to purchase, the time it takes to
construct new vessels, or the vessels' useful lives; changes in the
ability of Golar to obtain additional financing; changes in Golar's
relationships with major chartering parties; changes in Golar's
ability to sell vessels to Golar LNG Partners LP; Golar's ability
to integrate and realize the benefits of acquisitions; changes in
rules and regulations applicable to LNG carriers, FSRUs and FLNGVs;
changes in domestic and international political conditions,
particularly where Golar operates; as well as other factors
discussed in Golar's most recent Form 20-F filed with the
Securities and Exchange Commission. Unpredictable or unknown
factors also could have material adverse effects on forward-looking
statements.
Hamilton, Bermuda
May 5, 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#1918861
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