Golar LNG CFO Robjohns Steps Down
Golar LNG Limited said that, after almost 20 years of service with the Golar group Graham Robjohns has decided to step down from his position as Chief Financial Officer. In order to facilitate a smooth transition, Robjohns will remain in his current position until April 30, 2020 while the search for his replacement proceeds.Additionally, Golar LNG Partners L.P. announced that with immediate effect Brian Tienzo will step down as Chief Executive officer of Golar Partners and will focus full time on Golar group financings.
FLNG Market to Touch $17.5Bln by 2026
The global floating liquefied natural gas (FLNG) market is estimated to grow at CAGR above 5.2% over the forecast time frame 2019 to 2026 and reach the market value around $17.5 billion by 2026.Increasing demand for clean fuel techniques and increasing concentrate on sustainable energy blend will boost FLNG market growth, said a report by Acumen Research and Consulting.Rapid depletion of fossil fuel, combined with continuing carbon footprint reductions, will promote favorable company development.According to the International Energy Agency (IEA)…
GasLog Withdraws from Golar 'Cool Pool'
The owner and operator of liquefied natural gas (LNG) carriers GasLog and spin-off GasLog Partners are withdrawing their LNG carriers from their pooling joint venture with Golar LNG.The Cool Pool was launched in September 2015 with 14 tri-fuel diesel engine (TFDE) LNG carriers contributed by three owners: three ships from Dynagas Ltd, three from GasLog Ltd and eight from Golar LNG Ltd.Golar LNG Limited announced in a press release that due to the potential spin-off of its TFDE fleet into a new pure-play LNG shipping entity, GasLog has decided to withdraw its six vessels from the Cool Pool.
LNG Shipping Rates Spike with No Respite Seen Through 2019
The price of shipping liquefied natural gas (LNG) has spiked in September and is likely to remain high next year, buoyed by rising production from new plants and concerns that demand for LNG vessels will outpace supply.The rate for vessels shipping LNG from the Atlantic Basin to Asia has jumped to $90,000 to $95,000 a day this week from $75,000 a day at the end of August, brokers and traders said.Rates, which broadly hovered around $30,000 to $40,000 a day from 2015 to 2017, have risen due to longer distances covered to transport LNG from new terminals in the United States and Arctic Russia…
China LNG Tariff Casts Shadow Over New US Export Terminals
China set a 10 percent tariff on U.S. liquefied natural gas (LNG) imports, extending a trade dispute into energy and casting a shadow over U.S. export terminals that would propel the United States into the world's second-largest LNG seller.Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.The rate was smaller than the 25 percent tariff China had touted earlier, which offered some relief and helped shares in listed U.S.
Kalleklev Takes Over as CEO of FLEX LNG
Liquefied natural gas (LNG) carrier owner and operator FLEX LNG has appointed Øystein M. Kalleklev as Chief Executive Officer to replace Jonathon Cook, who resigned in May.Kalleklevm, who has served as Chief Financial Officer of Flex LNG since October 2017, will continue to serve as CFO until a replacement is found.Additionally, Marius Foss has joined the company as Head of Commercial. Foss comes from a similar role at Golar LNG.
Golar LNG Closes FLNG Hilli Episeyo Financing
Owner and operator of LNG carriers Golar LNG has secured $ 200 million in additional liquidity as part of a debt financing deal related to the Hilli Episeyo. Golar LNG announced that following the June 4th announcement of commercial acceptance of Hilli Episeyo, the Company has repaid the $640 million drawn under the $700 million construction financing facility and drawn down on the post acceptance $960 million lease financing facility provided by CSSC Leasing. After the closing therefore an additional $320 million of liquidity has been received by Golar.
Golar LNG Partners Updates on Acquisitions
Golar LNG Partners announced that it had entered into an agreement to acquire an equity interest in FLNG Hilli Episeyo last year. Equivalent to 50% of the two contracted liquefaction trains, out of a total of four, the common units also include a 5% stake in any future incremental earnings generated by the currently uncontracted expansion capacity but do not include exposure to the oil linked component of Hilli's tolling fee. FLNG Hilli Episeyo arrived in Cameroon in late November.
Golar LNG Partners in FLNG Hilli Episeyo Stake Acquisition
Golar LNG Partners announced that it has entered into a purchase and sale for the acquisition from Golar LNG Limited and affiliates of Keppel Shipyard and Black and Veatch of equity interests in Golar Hilli LLC, which will, on the closing date of the Acquisition, indirectly own the FLNG, Hilli Episeyo. The Acquired Interests represent the equivalent of 50% of the two liquefaction trains, out of a total of four, that have been contracted to Perenco Cameroon SA and Societe Nationale Des Hydrocarbures for an eight-year term.
Golar LNG Cuts Dubai FSRU Charter
Golar LNG Partners has agreed with the charterer of the Golar Freeze FSRU, Dubai Supply Authority (DUSUP) certain amendments to the existing time charter that was due to end in May 2020. DUSUP have two FSRU's on contract and do not currently have full time use for Golar Freeze and have therefore been working with Golar Partners to find alternative employment. Golar Partners and DUSUP will continue to cooperate with regards to future employment for Golar Freeze but in the meantime have agreed certain amendments to the existing charter.
Keppel to Deliver World's First Converted FLNGV
Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), will soon deliver the world's first converted Floating Liquefaction Vessel (FLNGV) owned by Golar Hilli Corporation (Golar), a subsidiary of Golar LNG Ltd. The vessel was named Hilli Episeyo at a ceremony in Keppel Shipyard today. Upon its completion, the FLNGV will be put in operation offshore Kribi, Cameroon for Société Nationale des Hydrocarbures and Perenco Cameroon SA, and will be the first FLNGV project in Africa.
Uniper Hires Goldman to Sell Stake in Italy LNG Terminal
Germany's Uniper has hired Goldman Sachs to sell its stake in a liquefied natural gas (LNG) terminal in Italy, a deal that could value the whole business at 1 billion euros ($1.1 billion), three people familiar with the deal told Reuters. Books have been opened for due diligence on OLT Offshore LNG Toscana's business and a deal could materialise in the first half of 2017, the people said, also adding that there was no guarantee that a sale would take place. Energy firm Uniper holds a 48.24 percent stake in the OLT terminal, while Italian utility group Iren owns 49.07 percent.
Golar Redesigns Ship Management with BASSnet
Following a comprehensive exercise to insource all ship management functions and to build a fully integrated shipping company, Golar LNG recently chose the BASSnet software as the core building block for the management of its fleet of 23 LNG carriers. Based in Oslo, Golar Management – the ship management unit of Golar LNG – has joined other shipping industry leaders, such as Stolt Tankers, Anthony Veder, NYK, “K” Line, Wallenius, Hapag Lloyd, Wilhelmsen and CMA CGM, in the BASSnetTM customer community.
Golar LNG Hit by Weak Market
Oscar Spieler-led LNG shipowner Golar LNG Ltd. (GLNG) on Tuesday reported a loss of $80.1 million in its first quarter. The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 41 cents per share. The operator of carriers for natural gas shipping posted revenue of $18.6 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $23.1 million. The early part of 2016 has witnessed a continuation of the weak LNG freight market, says a company statement.
Golar LNG Names Smith as CEO
Golar LNG Ltd said Oscar Spieler would replace Gary Smith as chief executive, as the natural gas shipping company realigns operations, including building up its presence in the Brazilian power generation market. The company said on Tuesday it was in talks with a private equity firm for investments in Golar Power, its unit that holds an interest in a 1.5 gigawatt power station in Sergipe, Brazil. Spieler, who was Golar LNG's chief executive between July 2009 and June 2011, was responsible for the company's first floating liquefied natural gas project.
Golar LNG Teams Up with Schlumberger
Golar LNG has signed a Memorandum of Understanding with Schlumberger to co-operate on the global development of greenfield, brownfield and stranded gas reserves. Under the Memorandum, Golar and Schlumberger have agreed to jointly market gas monetization solutions to owners, investors and governments. Golar will contribute the Floating LNG assets and technology while Schlumberger, via its special project management division, will provide upstream development knowledge, resources and capital.
ABS, Golar Strike FLNG Deal
ABS Group subsidiary Genesis Technology Solutions, Inc. (GenesisSolutions) won a contract by Golar LNG to develop an intelligent maintenance strategy for the company’s new fleet of floating LNG (FLNG) vessels usingthe GoFLNG floating liquefaction technology. ABS Group will assist Golar LNG with implementing the Maximo computerized maintenance management system (CMMS) to support its asset management program. ABS Group will provide a model for asset data, criticality rankings, spare parts analysis…
Dynagas, GasLog, Golar LNG Team up to Operate LNG Carrier Pool
Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd today jointly announced having entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the LNG shipping spot market. The LNG Carrier Pool allows the participating owners to optimise the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. The objective of the LNG Carrier Pool is to serve the transportation requirements of a rapidly growing LNG shipping market by providing customers with reliable…
Major Board Changes at Golar LNG
Pursuant to today's Notice of AGM, Shareholders are advised to note certain changes to the proposed Board. Chairman, Sir Frank Chapman, has decided not to stand for re-election at the forthcoming AGM, to release the two days a week he currently commits to Golar to focus on other interests. In addition Board member Kate Blankenship has decided not to stand for re-election due to other professional commitments. Both members have contributed significantly to the rapid expansion which currently takes place in Golar.
Keppel Signs $684m FLNG Conversion Deal with Golar
Keppel Shipyard has signed its third contract with Golar Gandria for vessel conversion works. The $684 million contract to convert a liquefied natural gas (LNG) carrier to a floating liquefaction facility (FLNG) with the subsidiary of United Kingdom-based Golar LNG will become effective by Sep 21, said Keppel. The contract will become effective upon the parties fulfilling certain conditions precedent by 21 September 2015. The award of the conversion of the Gandria marks the exercise of the second of two options…
Stolt-Nielsen, Golar LNG Form Joint Venture
Stolt-Nielsen Limited and Golar LNG Limited have formed a 50/50 joint venture to pursue opportunities in small-scale LNG production and distribution, the companies announced today. Stolt-Nielsen Limited has invested in Golar LNG through open-market purchases, representing an ownership stake of approximately 2.3 percent in the company. Commenting on the investment, Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen Limited, said, "A key element of Stolt-Nielsen's long-term strategy is diversification that leverages our core skillsets, including shipping, storage and distribution.
Golar Mulls Third FLNG deal
Golar LNG has signed a binding Heads of Terms with Ophir Energy Plc for the provision of the GoFLNG vessel Gimi. Golar has started discussions with partners Keppel and Black & Veatch aimed at exercising an option, under an existing framework agreement, for the ordering of a third GoFLNG unit similar to the Hilli and the Gimi. The vessel will replace the previously announced floating liquefaction storage and offloading (FLSO) that would have been supplied by Houston-based Excelerate Energy.
Wärtsilä to Provide TMA for Golar Fleet
Wärtsilä signed a 5-year Technical Management Agreement with Golar Management Oslo for delivery of services to Golar LNG - one of the largest independent owners and operators of liquefied natural gas (LNG) carriers in the world. The service agreement includes remote monitoring of engines, maintenance planning, advisory services, and guaranteed availability of personnel as well as spare parts. Golar LNG operates a fleet of 13 vessels, dedicated to both LNG transportation and midstream floating solutions.
Golar LNG Secures Charters for Carrier Duo
Golar LNG announced today that it has been awarded 2 time charters by Nigeria LNG Ltd ("NLNG") to employ the recently delivered Golar Frost and Golar Crystal. Employment of both vessels under these contracts will commence in January 2015 and will continue for a duration of approximately 12 months for each vessel. NLNG has elected to retire earlier than planned 3 of its smaller and less efficient LNG Carriers and to replace these with Golar's more modern and technically advanced ships, while NLNG awaits the delivery of its own recently ordered new vessels.
Smith Named CEO of Golar LNG
Gary Smith will take over as CEO of Golar LNG limited, taking over for Doug Arnell, who will step down on February 1, 2015. Smith brings a track record of leadership and operational management in the mid-stream oil and gas, shipping and LNG businesses. His career spans 35 years, including 25 years with Shell and Caltex Australia (a Chevron affiliate) in roles including General Manager LNG Shipping for Shell (STASCO) and General Manager Refining, Supply and Distribution for Caltex Australia.
Change in CEO at Golar LNG
Golar LNG Limited today announced that Doug Arnell has decided to step down as CEO of Golar on February 1, 2015. Mr. Arnell's decision is driven by a personal wish to return with his family to his home country of Canada. Mr. Arnell will be succeeded by Gary Smith, who is well known to Golar and who brings with him a track record of leadership and operational management success in the mid-stream oil and gas, shipping and LNG businesses. Mr. Smith's career spans 35 years, including…