Golar LNG Limited sells Golar Viking
(Thomson Reuters ONE) -
Golar LNG Ltd ("Golar" or "Company") today announced the completion of the sale
and delivery of the 2005 built LNGC Golar Viking to PT Perusahaan Pelayaran
Equinox ("Equinox"). The transaction has been concluded at a sale price of US$
135 million. The vessel has been re-named "Salju" under Indonesian flag and
Registry.
Under Indonesian Cabotage regulations, LNG cargoes produced and sold within
Indonesia must be transported on an Indonesian flagged vessel. With an
anticipated increase in domestic allocation for Indonesian produced LNG cargoes
in 2015, Equinox believe the timing is right to acquire the Golar Viking and
transfer the vessel to Indonesian flag.
The growth in the Indonesian domestic trade of LNG is the direct result of the
recent introduction of 3 new LNG Terminals which are supplied from LNG
production facilities at Bontang and Tangguh. The receiving Terminals are the
FSRU Nusantara Regas Satu (commenced operations in Q2 2012) located in West
Java, PGN FSRU (Q3 2014) located in Lampung and the Arun Receiving Terminal in
Aceh Province, scheduled to commence operations in the first quarter of 2015.
FSRU Nusantara Regas Satu is owned and operated by PT Golar Indonesia, a joint
venture company between Golar and Equinox's parent company.
The technical specification of Golar Viking, now renamed Salju, is well suited
for the short haul nature of the domestic Indonesian trade. The transfer of
ownership and the anticipated future employment of the vessel recognises that
long haul sea borne trade will increasingly become dominated by modern, larger
and more efficient vessels providing greater economies of scale. In connection
with the sale, Golar has repaid a secured bank loan of approximately USD 82
million. The sale was concluded at the vessel's approximate book value as at
December 31, 2014 and Golar therefore do not expect this transaction to
materially impact its first quarter results for 2015.
In addition to a limited amount of equity initially invested in the transaction
by Equinox, Golar have provided a bridging loan facility. It is Equinox's
intention to refinance a majority of this debt with third party debt for which
Equinox already has commitments from banks. After this, it is anticipated that
approximately $53 million of the Golar debt will be outstanding, secured with a
second priority security over the vessel. This debt will have a tenure of 10
years. The return on this debt will be based on libor plus a blended margin of
4%, with a further kicker driven by the ships actual operational performance.
Golar will also provide risk management support to Equinox, thereby indirectly
increasing the Company's presence in the growing Indonesian domestic LNG trade.
Golar will work together with Equinox should the vessel be available for
international trade in the future.
"The sale of the vessel in support of Equinox's aim of actively servicing
Indonesian domestic LNG shipping demand fits with our strategy of maximizing
cash flows in the currently challenging shipping environment. Golar's support to
Equinox strengthens the ties we have with our long term partners in the
important Indonesian market. The transaction further confirms Golar's strategy
of reducing the Company's exposure to the LNG shipping market and focusing its
investment in the FLNG business." said Gary Smith, CEO Golar Management.
Equinox view this transaction as a major step in achieving their aim of
building on their long involvement in LNG and establishing Equinox as a leading,
first class Indonesian LNG ship owner and operator.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended) which reflects
management's current expectations, estimates and projections about its
operations. All statements, other than statements of historical facts, that
address activities and events that will, should, could or may occur in the
future are forward-looking statements. Words such as "may," "could," "should,"
"would," "expect," "plan," "anticipate," "intend," "forecast," "believe,"
"estimate," "predict," "propose," "potential," "continue," or the negative of
these terms and similar expressions are intended to identify such forward-
looking statements. These statements are not guarantees of future performance
and are subject to certain risks, uncertainties and other factors, some of which
are beyond our control and are difficult to predict. Therefore, actual outcomes
and results may differ materially from what is expressed or forecasted in such
forward-looking statements. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. Unless legally required, Golar undertakes no obligation to update
publicly any forward-looking statements whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to differ materially
from those in the forward-looking statements are: changes in LNG, FSRU and
FLNGV market trends, including charter rates, ship values and technological
advancements; changes in the supply and demand for LNG; changes in trading
patterns that affect the opportunities for the profitable operation of LNG
carriers, FSRUs; and FLNGVs; changes in Golar's ability to retrofit vessels as
FSRUs and FLNGVs, Golar's ability to obtain financing for such retrofitting on
acceptable terms or at all and the timing of the delivery and acceptance of such
retrofitted vessels; increases in costs; changes in the availability of vessels
to purchase, the time it takes to construct new vessels, or the vessels' useful
lives; changes in the ability of Golar to obtain additional financing; changes
in Golar's relationships with major chartering parties; changes in Golar's
ability to sell vessels to Golar LNG Partners LP; Golar's ability to integrate
and realize the benefits of acquisitions; changes in rules and regulations
applicable to LNG carriers, FSRUs and FLNGVs; changes in domestic and
international political conditions, particularly where Golar operates; as well
as other factors discussed in Golar's most recent Form 20-F filed with the
Securities and Exchange Commission. Unpredictable or unknown factors also could
have material adverse effects on forward-looking statements.
Hamilton, Bermuda
February 16, 2015
Enquiries:
Golar Management Limited: + 44 207 063 7900
Brian Tienzo
Stuart Buchanan
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golar LNG via GlobeNewswire
[HUG#1894786]
Unternehmensinformation / Kurzprofil:
Datum: 16.02.2015 - 15:08 Uhr
Sprache: Deutsch
News-ID 371796
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contact information:
Town:
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Kategorie:
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