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Golar sells FSRU to Golar LNG Partners

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LNG Industry,

Golar LNG Ltd has entered into a purchase agreement to sell a floating storage and regasification unit (FSRU), Golar Tundra, to Golar LNG Partners LP for US$330 million.

Golar LNG Partners will receive a daily fee plus operating expenses, aggregating to approximately US$2.6 million/month, for Golar's right to use the FSRU from the date of the closing until the date that the Golar Tundra commences operations under its time charter with West Africa Gas Ltd.  

In return, Golar LNG Partners will remit to Golar any hire income received with respect to the Golar Tundra during this period.

The sale is expected to close in March 2016 and the vessel is expected to commence operations under its time charter with West Africa Gas Ltd at the end of 2Q16.

The sale of the Golar Tundra is expected to strengthen Golar's liquidity by approximately US$130 million.  The sale has been arranged in accordance with the Omnibus Agreement, which regulates Golar's obligation to offer any vessel on charter for more than five years to Golar LNG Partners.

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