Golar Shares Sink After BP Force Majeure Claim
April 07 2020 - 11:43AM
Dow Jones News
By Matt Grossman
Golar LNG Ltd. shares fell Tuesday morning after a subsidiary of
the company received a force majeure claim relating to a
natural-gas facility.
The stock traded nearly 13% lower to $5.32. It had ended trading
Monday at $6.10.
The subsidiary, Gimi MS Corp., was notified by BP Mauritania
Investments Ltd that BP would not be ready to receive a new
floating liquified natural-gas facility in 2022 as scheduled. BP's
claim cited effects from the coronavirus pandemic, Golar said.
Golar, headquartered in Bermuda, said it has asked BP to clarify
the claim, questioning how the Covid-19 crisis could already have
affected the planned natural-gas facility.
Representatives for BP didn't immediately respond to a request
for comment.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 07, 2020 11:28 ET (15:28 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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