Golar LNG enters into a Preliminary Agreement and exchanges Heads of Terms for an FLNG vessel for Phase 1A of the Greater Tor...
April 19 2018 - 2:06PM
Golar LNG Limited ("Golar")
announces today that it has entered into a Preliminary Agreement
and exchanged Heads of Terms ("HoT") for a Charter Agreement with
BP Mauritania Investments Ltd and BP Senegal Investments Ltd,
(together "BP") in their capacity as block operators. The HoT
represents a commitment between the Parties to translate the key
commercial terms into a full agreement and proceed with Front End
Engineering Design (FEED) on the provision of an FLNG vessel to
support the development of Phase 1A of the Greater Tortue / Ahmeyin
field, located offshore Mauritania and Senegal.
The Preliminary Agreement creates
obligations on Golar to progress FEED work and be ready for a
vessel conversion from July 1, 2018 onwards; which would be
contingent on Project FID, expected end 2018. The vessel conversion
would take place at Keppel Shipyard Ltd ("Keppel") building on
Keppel's delivery of the FLNG Hilli Episeyo,
utilizing Black and Veatch Corporation's PRICO technology. The
Preliminary Agreement also includes an option, but not an
obligation, for BP on a second FLNG vessel. In the event that FID
is not taken customary termination fees apply.
Golar CEO Iain Ross commented
"This agreement with BP underscores the value that Golar's unique
FLNG proposition brings to monetizing gas reserves to LNG at
competitive prices. The FLNG contract shows solid long-term
economics on an unleveraged basis. We are looking forward to
building on the successful conversion of the Hilli
Episeyo for Greater Tortue / Ahmeyin."
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. Important
factors that could cause actual results to differ materially
include, but are not limited to, those factors listed from time to
time in the reports and other documents Golar files with the United
States Securities and Exchange Commission.
New factors emerge from time to
time, and it is not possible for Golar to predict all of these
factors. Further, Golar cannot assess the impact of each such
factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement.
Golar does not intend to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Golar's expectations with respect thereto or any change
in events, conditions or circumstances on which any such statement
is based.
Hamilton, Bermuda
19 April, 2018
Enquiries:
Golar Management Limited: + 44 207 063 7900
Stuart Buchanan
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
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