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Marine Log

February 20, 2007

Golar sells LNG newbuild to Angelicoussis

Golar LNG has announced an agreement to sell its existing interest in a 145,700 cu.m LNG newbuilding at Daewoo Shipbuilding and Marine Engineering (DSME hull number 22440).

It is being sold to Maran Gas--part of the Angelicoussis Shipping Group--for the gross consideration of approximately $92.5 million. Golar LNG says this represents an implicit vessel price of $201 million.

Golar estimates its book cost of investment in the vessel at completion of the sale will be approximately $51.5 million and that the sale represents a significant return on investment for shareholders.

"In view of the fact that the company has a number of open vessels exposed to the spot market and the company's investment plans in respect of its various LNG infrastructure projects," says Golar, "this transaction is seen as an opportunity to strengthen the Company's balance sheet as well as realize a significant profit whilst not significantly reducing the company's future business potential."