January 3, 2008
Golar LNG ship to become FSRU
Golar LNG has signed a final Memorandum of Agreement for the sale of the Golar Frost to OLT Offshore LNG Toscana S.p.a ("OLT-O") for EUR 160 million, or approximately $231 million.
The 2004-built, 137,000 cu.m Moss-type LNG carrier will be converted to a Floating Storage and Regasification Unit for the Livorno (Italy) FSRU project (Italy) for which OLT-O is the project company/
Golar currently owns a 16% interest in the project, the other major shareholders being Endesa Europa S.L., IRIDE Mercato S.p.A. and OLT Energy Toscana S.p.A.
This sale agreement represents a major step forward in the development of the project.
The vessel is currently fixed on a time charter until the end of March 2008, with extension options thereafter. All income from the vessel will be for Golar's benefit until sale completion which is expected to occur in June 2008.