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 - 2:07PM
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
Golar LNG (NASDAQ:GLNG)
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