2001 Maritime

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July 19, 2001

Golar LNG orders two more
John Fredriksen's Golar LNG has entered into two more firm contracts for building of LNG carriers. One ship, a 138,000 m3 Gaz Transport membrane containment design, has been contracted with Daewoo for delivery March 2004, while the second, a 137,000 m3 Moss spherical containment system design, has been ordered from Hyundai for delivery in July 2004. Golar says the prices are "highly competitive."

This brings Golar LNG’s newbuilding portfolio to four ships. It has several options for further newbuildings for delivery in 2004, 2005 and 2006.

The initial instalments for the newbuildings will be financed through the company’s cash positions and short term financing facilities. Golar LNG is currently considering different employment opportunities for the ships. This includes specific discussion about long-term deals, as well as short charter agreements with or without exposure to the future development in gas price. The long-term financing of the newbuildings will depend on what kind of employment strategy the board decides upon.

According to Golar LNG chairman John Fredriksen "There is currently a significant development of firm and potential LNG facilities. It is likely that availability of ships can be a constraint in the next five-year period. Golar’s strategy is to use the four ships, including the options the company controls, to conclude strategic deals that can give us a strong long-term position in the market for trading of LNG. Such deals can ultimately be deals where the ships will be utilized in Golar’s own trading program done independently or in partnership with gas producers, terminal owners or utility companies.”

Golar LNG has also announced several organizational changes. Sveinung J. Stöhle has been appointed executive VP with responsibility for commercial activities. Stöhle joins Golar LNG from a position as general manager with Nigeria LNG.

Graeme MacDonald has been promoted to managing director of Golar LNG's wholly owned subsidiary, Golar Management Ltd. MacDonald has been with Osprey Maritime since 1998, and was before that with Shell. Golar Management Ltd. is to be transformed into a fleet management organisation, with the responsibility of delivering a first class management function to the owners of the vessels it manages, and to the charterers of Golar LNG vessels. The organization, which has a total staff of 29 will also be responsible for supervision of the newbuildings, and for development of new technical designs and solutions--very important part of Golar’s future strategy.

Peter Costalas, who was CEO of Osprey Maritime Ltd. and also a director of Golar LNG, has decided to leave the Group at the end of July. Costalas managed the transition from Osprey Maritime into Golar LNG. .

The board has started to work with American investment banks with the target of taking Golar LNG public in New York within the fourth quarter 2001.

New D&C liftboat to be delivered in September
Danos & Curole Marine Contractors expects delivery of its new 230-class SOLAS liftboat, the M/V Ana, in late September. The vessel will include a 5500 sq. ft work deck and accommodate over 1 million lb of jacking deck load. The vessel will also be outfitted with a 150-ton primary crane at 30 ft radius. The vessel has accommodations for 42 (36 PAX, 6 crew) and will be equipped to operate in up to 180 ft of water. This vessel is based on the design of Dynamic Marine of Luling, Louisiana and is being constructed at Conrad Industries of Morgan City, Louisiana.