Latest news with #KarlFredrikStaubo
Yahoo
14-02-2025
- Business
- Yahoo
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
27-01-2025
- Business
- Yahoo
Sale of Shareholding in Avenir LNG Limited
Golar LNG Limited ('Golar') has entered into a share purchase agreement for the sale of all its shares in Avenir LNG Limited ("Avenir LNG" or 'Avenir') to Stolt-Nielsen Gas Ltd. for a total consideration of approximately USD 40 million (the "Transaction"). The Transaction is expected to be completed during the first quarter of 2025, subject to fulfilment of the conditions under the share purchase agreement. Golar will remain a 25% shareholder and debt provider to Higas Srl, the HIGAS LNG storage terminal in Sardinia, ('HIGAS') that was spun off from Avenir LNG in October 2024. As of end October 2024, the book value of HIGAS was USD 40.5 million (on a 100% basis), of which $24.7m was shareholder loans and $15.8m shareholders equity. Golar CEO Karl-Fredrik Staubo commented: 'The sale of Golar's shareholding in Avenir LNG is in line with our strategy to focus on expanding our market leading FLNG position. Golar is proud to have founded Avenir LNG into one of the largest small-scale LNG shipping companies globally alongside our partners Stolt Nielsen and Höegh. Following the sale of Hygo Energy Transition Ltd. in 2021, our Avenir LNG investment was no longer deemed a core asset of Golar's portfolio. We wish the Avenir LNG team and Stolt-Nielsen all the best for the future development of Avenir.' FORWARD LOOKING STATEMENTSThis press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect 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,' 'subject to' 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. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law. Hamilton, BermudaJanuary 27, 2025 Investor Questions: +44 207 063 7900Karl Fredrik Staubo - CEOEduardo Maranhão - CFOStuart Buchanan - Head of Investor Relations This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Associated Press
27-01-2025
- Business
- Associated Press
Sale of Shareholding in Avenir LNG Limited
Golar LNG Limited ('Golar') has entered into a share purchase agreement for the sale of all its shares in Avenir LNG Limited ('Avenir LNG' or 'Avenir') to Stolt-Nielsen Gas Ltd. for a total consideration of approximately USD 40 million (the 'Transaction'). The Transaction is expected to be completed during the first quarter of 2025, subject to fulfilment of the conditions under the share purchase agreement. Golar will remain a 25% shareholder and debt provider to Higas Srl, the HIGAS LNG storage terminal in Sardinia, ('HIGAS') that was spun off from Avenir LNG in October 2024. As of end October 2024, the book value of HIGAS was USD 40.5 million (on a 100% basis), of which $24.7m was shareholder loans and $15.8m shareholders equity. Golar CEO Karl-Fredrik Staubo commented: 'The sale of Golar's shareholding in Avenir LNG is in line with our strategy to focus on expanding our market leading FLNG position. Golar is proud to have founded Avenir LNG into one of the largest small-scale LNG shipping companies globally alongside our partners Stolt Nielsen and Höegh. Following the sale of Hygo Energy Transition Ltd. in 2021, our Avenir LNG investment was no longer deemed a core asset of Golar's portfolio. We wish the Avenir LNG team and Stolt-Nielsen all the best for the future development of Avenir.' 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 reflect 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,' 'subject to' 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. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law. Hamilton, Bermuda Investor Questions: +44 207 063 7900 Karl Fredrik Staubo - CEO Eduardo Maranhão - CFO Stuart Buchanan - Head of Investor Relations
