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Golar Enters into Preliminary Agreement for FLNG Vessel

Source: www.gulfoilandgas.com 4/19/2018, Location: Africa

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Golar LNG Limited 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."

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