Golar, NFE wrap up FLNG Hilli deal

New Fortress Energy and Golar LNG have completed the previously announced deal regarding the FLNG Hilli located offshore Cameroon’s Kribi.

Tor Olav Troim-led Golar announced the closing of the deal, effective January 1, 2023, in a statement issued on Wednesday.

“In return for NFE’s 50 percent common unit holding in Golar Hilli LLC, Golar has transferred its remaining 4.1 million NFE shares to NFE, paid NFE $100 million in cash, and assumed approximately $323 million of FLNG Hilli debt,” it said.

The two firms revealed this agreement on February 6 and they expected to close in the first half of this year.

Golar acquired the 50 percent interest in trains 1 and 2 of the FLNG Hilli.

The 2.4 mtpa floating LNG producer has in total four trains installed onboard.

Golar’s partners in the project are oil and gas company Perenco and Cameroon’s national oil firm Societe Nationale des Hydrocarbures (SNH).

FLNG developments

Both NFE and Golar are now focusing on their FLNG business.

Wes Edens-led NFE is expecting to start producing liquefied natural gas on its first floating LNG production unit off Mexico’s Altamira in July this year.

NFE is currently working on five floating LNG production units offshore Mexico and the US using its “Fast LNG” liquefaction design that incorporates modular, midsize liquefaction technology with jack up rigs or similar offshore infrastructure.

On the other hand, Golar recently secured an option to acquire a 148,000-cbm Moss-type LNG carrier which it aims to convert to a floating LNG producer.

Golar said in November last year it ordered long-lead items for its third FLNG conversion project on the back of a growing opportunity set for new FLNG growth projects.

Besides Hilli, Golar’s 2.5 mtpa Gimi FLNG is currently under conversion at Singapore’s Keppel Shipyard and is about 92 percent technically complete.

Golar expects the unit to start serving BP’s Tortue FLNG project under a 20-year charter deal in the fourth quarter of 2023.

Most Popular

Woodside terminates Commonwealth LNG SPA

Australian LNG player Woodside has terminated its two LNG sale and purchase agreements with US LNG terminal developer Commonwealth LNG.

Energy Transfer seals Lake Charles LNG supply deals

Texas-based Energy Transfer has signed new supply deals for its planned Lake Charles LNG export facility in Louisiana as it works to take a final investment decision by the end of this year, according to its management.

Samsung Heavy develops new FLNG concept

South Korean shipbuilding giant Samsung Heavy Industries has received approvals from three classification societies for its new multi-purpose FLNG concept.

More News Like This

BP, partners to ship second Tortue LNG cargo

UK-based energy giant BP and its partners are loading the second liquefied natural gas (LNG) cargo produced at the Greater Tortue Ahmeyim FLNG project, located offshore Mauritania and Senegal, according to US-based Kosmos Energy.

PAE, Golar, and partners take FID on Argentina FLNG project

Pan American Energy, Golar LNG, YPF, Pampa Energia, and Harbour Energy have taken a final investment decision for the Southern Energy floating liquefied natural gas export project in Argentina.

Chinese yard moving forward with Golar FLNG conversion

China's CIMC Raffles is moving forward with the conversion of Golar LNG's 148,000-cbm Moss-type carrier, Fuji LNG, into an MKII FLNG with a capacity of 3.5 mtpa.

Excelerate in $700 million senior notes offering

US FSRU player Excelerate Energy aims to raise about $700 million via an offering of unsecured senior notes due 2030.