Organisational Changes at Golar LNG
(Thomson Reuters ONE) -
The fast growing LNG industry is going through a rapid transformation where
monetisation of stranded gas, lowering the cost of LNG production and the
opening of new markets will all be critical success factors.
An anticipated delinking of LNG prices from oil prices will also create
additional demand for LNG. The traditional approach to executing LNG projects
favoured by many oil majors may not cost effectively meet this new demand. The
Board of Golar has therefore decided to promote strategic organizational changes
to ensure that the company is positioned to meet this demand.
As a priority, the company remains focused on maximising the utilisation and
rate levels of the LNG carriers and seeking employment for the FSRU fleet,
whilst the business growth strategy and long term vision embraces the following
opportunities:
1. To ensure that the Company's first FLNG vessel, Golar Hilli, is developed
on time and within budget and successfully commences its operations. Most of
this activity is currently coordinated from the Company's Oslo office. The Board
is pleased that the vessel conversion is progressing well within budget and is
on target for its scheduled delivery from the yard.
2. To capitalise on its position as one of the few credible companies able to
develop future FLNG projects.
3. To explore the development of a downstream LNG company comprising the
implementation of strategic LNG entry points in emerging markets. The company
would start with a portfolio of opportunities including participation in a
1.5GW power station in Sergipe, Brazil, backed by a 25-year PPA contract. The
company, to be called Golar Power, will target the delivery of cheaper, cleaner,
integrated, LNG based energy solutions to new markets. Golar intends to seek
additional external capital to fund Golar Power and is currently engaged in
discussions with a private equity fund to jointly develop this company.
In order to meet these challenges and better align technical and operational
activities which are based in Oslo, the following organizational changes will
take place immediately:
A. Mr Gary Smith is resigning from his position as Chief Executive and Mr Oscar
Spieler who has been responsible for the development of the Hilli project
will be appointed to replace Gary as CEO. Mr. Smith who was also Golar's
CEO between March 2006 and July 2009 was re-hired as a consultant in 2014 to
assist Golar in developing the LNG shipping business. He was promoted to
Chief Executive in January 2015. Mr Smith has an excellent standing within
the LNG industry and has contributed positively in the process of developing
Golar into a mid-stream LNG player. The Board wish him well in the future.
Mr. Spieler was also the company's chief executive between July 2009 and June
2011. Educated as a naval architect, Mr. Spieler has strong leadership skills
and a long track record of successfully delivering advanced off shore and
shipping related projects. Mr Spieler has work experience from Bergesen, DNV
and 16 years in the John Fredriksen controlled Seatankers Group where he had
several functions including Chief Executive of Frontline, Golar, Sea Production
and Sea Lift.
B) Doug Arnell who was CEO of Golar until January 2015 remains as a senior
advisor to the Company and will assist Mr. Spieler to ensure strong leadership
of Golar's commercial activities. Mr. Arnell has a significant background in
LNG commercial activities through his leadership roles at companies including
Enron and BG Group in addition to Golar. Most recently he was instrumental in
the successful development and structuring of the Cameroon FLNG Export Project.
C) The board has engaged Krzysztof Zielicki to structure the cooperation with
Schlumberger. Mr. Zielicki was formerly Global Head of M&A and
Strategy at Rosneft. He has a degree in quantum mechanics from the University of
London and holds several post graduate diplomas. Prior to his involvement
in Rosneft he spent 25 years in BP and was also Vice President of Development at
TNK-BP. He has been involved in leading over $150 billion of acquisitions, joint
ventures and divestments. Coming from Rosneft with production of nearly 5
million barrels equivalent per day, Mr. Zielicki adds significant upstream
experience to the Golar team.
D) Eduardo Antonello will take responsibility for structuring and developing
Golar Power and has been developing the Sergipe project from inception. Mr
Antonello was educated as a mechanical engineer and has previously worked for
Cargill, Schlumberger and Seadrill. At Seadrill he was responsible for
establishing the company's Brazilian activities and developing an organisation
that operated 7 ultra-deepwater rigs. During this period Mr. Antonello also
developed a JV with SapuraKencana and contracted 6 pipe laying vessels with
Petrobras. Mr Antonello is currently a partner in Magni Partners, a business
partnership founded by Tor Olav Troim.
The Board is confident that these organisational changes together with the
additional resources and skillsets will more clearly define responsibilities and
strengthen the company's ability to successfully execute its various projects.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning future
events and Golar's operations, performance and financial condition. Forward-
looking statements include, without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or achievements, and may
contain the words "believe", "anticipate", "expect", "estimate", "project",
"will be", "will continue", "will likely result", "plan", "intend" or words or
phrases of similar meanings. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates that are inherently
subject to significant uncertainties and contingencies, many of which are beyond
Golar's control. Actual results may differ materially from those expressed or
implied by such forward-looking statements.
Golar LNG Limited
Hamilton, Bermuda
10 May, 2016
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#2011282]
Unternehmensinformation / Kurzprofil:
Datum: 10.05.2016 - 15:00 Uhr
Sprache: Deutsch
News-ID 469952
Anzahl Zeichen: 7525
contact information:
Town:
Hamilton
Kategorie:
Business News
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