This story requires a subscription
This includes a single user license.
Golar said on Tuesday that the banks include ABN AMRO, Citibank, DNB, Goldman Sachs, and Standard Chartered Bank.
The new $1.2 billion bank facility replaces an existing bank facility with an outstanding amount of $627 million as of the third quarter of 2025.
Golar LNG said the new debt facility has a 7-year tenor, 16-year amortization profile and will incur interest at SOFR plus a margin of 2.50 percent p.a.
Moreover, Golar’s 70 percent share of the net liquidity released from the bank refinancing amounts to approximately $400 million after repayment of the existing Gimi debt facility and unwinding of the existing interest-rate swap.
“We are pleased to see strong interest from leading international banks to provide attractive financing for the FLNG Gimi,” Golar’s CEO, Karl Fredrik Staubo, said.
He noted that the new facility has improved terms compared to Gimi’s initial financing facility, which was put in place upon ordering of the FLNG.
“The new facility proves the bankability of Golar’s FLNG assets once operational on their long-term FLNG contracts at ~5.5x debt to Ebitda ratio,” Staubo said.
GTA project
Gimi FLNG is serving BP’s Greater Tortue Ahmeyim project located offshore Mauritania and Senegal.
In January, BP and its partners started flowing gas from wells at the GTA Phase 1 LNG project to its floating production storage and offloading (FPSO) vessel for the next stage of commissioning.
After that, the FLNG, owned by Golar LNG and chartered by BP, started producing LNG in February and shipped the first cargo in April.
Golar’s FLNG vessel achieved commercial operations date (COD) in June.
Earlier this month, Golar said in its third-quarter report that the FLNG was in the process of offloading its 14th cargo under its 20-year charter to BP.
“During Q3 and into Q4, equipment was tuned to optimize performance. Production is now frequently exceeding base capacity, further operational efficiencies are expected,” Golar said.
“Golar is actively working with the GTA partners to identify and develop value-enhancing initiatives for the GTA project, including operational efficiencies and debottlenecking of production capacity to improve the project’s unit economics,” the company said.
