Dubai FSRU Project Final Commitment
April 21, 2008 at 02:59 AM EDT
HAMILTON, BERMUDA -- (MARKET WIRE) -- 04/21/08 --
Similar to Golar's first two FSRU commitments (Golar Spirit and Golar Winter), the technical scope for the FSRU project was worked in close cooperation with Moss Maritime. The work to modify the Golar Freeze is expected to commence Q4 2009. In parallel with this agreement, Golar has agreed to extend the duration of the charter of Golar Freeze to BG to align with the conversion timing for this project in return for redelivery of Hilli in place of Golar Freeze (scheduled for April 2008).
Golar's CEO Gary Smith highlighted the importance of working closely with Shell and DUSUP on this important project. "We are appreciative of the confidence DUSUP has shown in selecting Golar as the FSRU provider. We also acknowledge the important role played by Shell in facilitating and assuring this project". Smith went on to say " The Dubai FSRU project in combination with the Petrobras and Livorno projects are a clear demonstration of Golar's stated strategy of diversifying its activities and seeking greater participation across the mid stream activities of LNG. We are confident that we have now established a very strong and credible platform for further growth in this area; building on the significant long-term cash flow enhancement that these projects provide and thereby providing significant potential upside for Golar's shareholders".
Golar LNG Limited Hamilton, Bermuda. April 20, 2008. Contacts: Golar Management (UK) Ltd +44 (0) 207 517 8600 Gary Smith, CEO Graham Robjohns, CFO