Golar LNG exits from LNG shipping segment with sale of Golar Arctic
Bermuda-based liquefied natural gas (LNG) company Golar LNG has announced the sale of its LNG carrier, Golar Arctic, marking the company's departure from the LNG shipping business.
The vessel is being sold for $24m, before transaction-associated expenses.
Built in 2003, the vessel, flagged under the Marshall Islands, boasts a capacity of 140,000m³ and a gross tonnage of 94,934.
It also features a steam propulsion system.
The sale is expected to close with the LNG carrier ready for handover to the new owner within the first quarter of 2025 (Q1 2025).
Golar CEO Karl Fredrik Staubo commented: 'The sale of the Golar Arctic marks the conclusion of Golar's planned exit from the LNG shipping segment, 50 years after taking delivery of our first LNG carrier in 1975.
'Over the last 50 years LNG shipping has been the foundation for Golar's pioneering maritime LNG infrastructure advances, including FSRUs [floating storage regasification units] and FLNGs [floating liquefied natural gas units]. Golar's transition into a focused FLNG infrastructure company is now complete. We look forward to expanding our market-leading FLNG position.'
Last month, the company's LNG carrier Fuji LNG discharged its final cargo as an LNG carrier and has since arrived in China, where it is set to enter CIMC shipyard for conversion into a MK II FLNG vessel later this month.
In September 2024, Golar LNG signed a $1.6bn engineering, procurement and construction contract with CIMC Raffles for the MK II FLNG.
Once converted into an FLNG vessel, MK II FLNG will have a capacity of 3.5 million tonnes per annum.
Last year, in July, Golar LNG signed agreements with Pan American Energy, including a 20-year deal for the deployment of an FLNG vessel, in Argentina.
Set to commence LNG exports in 2027, this FLNG project is set to leverage Argentina's vast Vaca Muerta shale gas reserves in the Neuquina Basin.
"Golar LNG exits from LNG shipping segment with sale of Golar Arctic" was originally created and published by Offshore Technology, a GlobalData owned brand.
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