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Golar LNG Partners to purchase Golar Eskimo

LNG Industry,

Golar LNG Limited has entered into an agreement to sell its ownership interests in the companies that will own and operate the FSRU Golar Eskimo, to Golar LNG Partners, for a price of US$390 million.

The transaction is subject to the satisfaction of certain closing conditions, which are expected to be finalised in January 2015.

Golar LNG Partners will finance the purchase price with cash on hand, the proceeds of a US$220.0 million loan from Golar LNG Limited and the assumption of outstanding bank debt in respect of the Golar Eskimo on the closing date of the acquisition (which is be approximately US$162.8 million). The loan is for a term of two years.

As part of the agreement, Golar LNG Limited will retain the right to use the FSRU and to charter the vessel to a third party from January 2015 to June 2015. Any hire received during this period will belong to Golar LNG Limited. In return for this, the company will pay Golar LNG Partners US$22 million, to be paid in equal monthly installments starting in January 2015.

This transaction is the sixth dropdown of assets to Golar Partners since its IPO in April 2011.

Adapted from press release by Katie Woodward

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