January 18, 2005

Ship management shake up at Golar LNG

Golar LNG is switching technical management of its fleet from London to new offices in Oslo and Singapore that will be responsible for daily operation of the ships.

The Oslo office will cover the Atlantic market and will be operated in cooperation with Barber Ship Management. The Singapore office will cover the Asia/Pacific market and will be operated with Thome Ship Management.

Golar will set up a management team in Oslo and will maintain overall responsibility for operations and technical projects. The new office will be headed by Olav Eikrem currently the General Manager at Golar's London office.

Golar says the aim of the reorganization is to "improve the service level to the company's customers and secure a long-term high quality workforce, both on the ships and shore based."

Golar says the core staff in the new offices will be people with substantial LNG experience recruited from Golar Management's office in London.

Golar's CEO, Tor Olav Troim, says:"The board has been through an extensive period of evaluating different strategies for Golar's technical management. The strong growth in the LNG business calls for thinking ahead and a long-term strategy. We will, through reorganisation, be able to provide and improve service to our existing and future customers. Closer geographic location to our customers, a more stable workforce and better access to sea staff that our partners, Thome and Barber can provide through their combined management of about 400 ships will give Golar additional strength."

The reorganisation could lead to approximately 20 jobs being lost at Golar Management's office in London, but Commercial and Finance departments will remain in London. Golar will also retain project capacity at the London office.

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