Golar LNG Ltd has now announced that it has completed the transaction to sell the companies that own and operate the FSRU Golar Eskimo to Golar LNG Partners LP.
Golar LNG originally announced the deal, valued at US$390 million, in December 2014. At that time, it announced that Golar LNG Partners would finance the purchase price with cash on hand, the proceeds of a US$220 million loan from Golar LNG Ltd 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).
As part of the agreement, Golar LNG Ltd 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 Ltd. 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.
Adapted from press release by Callum O'Reilly
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