Golar LNG Limited today announced that Hygo
Energy Transition Limited (“Hygo”), has appointed Paul Hanrahan as
Chief Executive Officer, effective October 19th 2020. Mr. Hanrahan
will also join the board of directors of Hygo. Mr. Hanrahan brings
to the role extensive international business experience, as the
former President and Chief Executive Officer of The AES
Corporation, one of the world’s leading independent power producers
(2002-2011), former Chief Executive Officer of American Capital
Energy and Infrastructure Management, an investment company in the
energy and infrastructure industries (2012-2017), and former Chief
Executive Officer of Globeleq, a leading independent power producer
in Africa (2017-2019). Mr Hanrahan also sits on the board of
Ingredion Inc, as a member of the audit committee. Mr. Hanrahan
holds a Master of Business Administration degree from Harvard
Business School and a Bachelor of Science degree in mechanical
engineering from the U.S. Naval Academy. Mr Hanrahan is replacing
Eduardo Antonello who is stepping down from his role with Hygo,
effective immediately. The board accepted the resignation of Mr.
Antonello and his wish to protect and isolate Hygo from any
misleading interpretation caused by recent allegations involving
Mr. Antonello for actions taken prior to his work for Hygo. The
board thanks Mr. Antonello for the significant contribution in
building the company’s businesses and organization.
Hygo and Norsk Hydro (“Hydro”) have today
mutually agreed to terminate the existing MOU between the parties
dated July 22, 2020 to supply LNG to the Alunorte alumina refinery
in Brazil. The Barcarena Terminal is the only one permitted in the
region and will have the opportunity to significantly reduce energy
costs, and support environmentally responsible and sustainable
industrial growth throughout this immense region. Hygo estimates a
potential for replacing approximately 1.8 million tons of LNG
equivalents per annum of LPG, diesel, fuel oil, and coal from the
terminal – creating the foundation for a broader transition away
from carbon-intensive energy sources in the region.
Hygo has secured 25 year PPAs for a 605MW power
station and has received the necessary permits and has been awarded
the port concession, to start building the LNG import terminal in
the area. Hygo remains committed to the Barcarena Terminal and its
plans will not be affected by the termination of the MOU with
Hydro. Construction is expected to start shortly with commencement
of operations in the first half of 2022.
Hygo has, since formation in 2016, built and
developed unique infrastructure assets with large contracted
revenue backlog for up to 25 years. The company will under the new
strong and experienced leadership of Paul Hanrahan continue to
deliver cleaner and cheaper energy to emerging markets.
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 LNG Limited
and Hygo Energy Transition Limited undertake no obligation to
update publicly any forward-looking statements whether as a result
of new information, future events or otherwise.
As a result, you are cautioned not to rely on
any forward-looking statements. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Golar LNG Limited and Hygo Energy Transition Limited
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise unless required by law
Hamilton, Bermuda
October 12, 2020
Enquiries:
Golar Management Limited: + 44 207 063 7900
Eduardo Maranhão
Stuart Buchanan
Golar LNG (NASDAQ:GLNG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Golar LNG (NASDAQ:GLNG)
Historical Stock Chart
From Apr 2023 to Apr 2024
