Golar LNG Partners in cooperation deal with Golar Power

Golar LNG Partners has signed a cooperation deal with Golar Power to develop liquefied natural gas terminals around the globe.

The duo said in a statement it plans to develop hub-spoke LNG terminal solutions utilizing the partnership’s available asset portfolio.

“The terms and structure of the commercial cooperation will be worked on a project by project basis given the customized nature of each potential terminal,” the statement said.

Nasdaq-listed Golar Partners has a fleet of ten vessels out of which four are LNG carriers and six FSRUs.

Golar Power is a venture consisting of the partnership’s parent company Golar LNG and Stonepeak Infrastructure Partners.

As part of the new deal, the two companies have agreed to terminate the existing omnibus agreement between the entities.

“We are excited to formalize a commercial cooperation with Golar Power, to leverage the expertise of the Golar Power team to develop FSRU terminals and parcel regasification demand,” Karl Fredrik Staubo, Golar Partners CEO said.

This agreement will, alongside normal FSRU tendering activity, increase the partnership’s re-contracting options, and provide an opportunity to potentially earn higher returns than standard FSRU contracts, he said.

“The partnership’s assets provide an opportunity to fast-track global terminal opportunities that should benefit both parties,” Staubo added.

Golar Power becomes Hygo Energy Transition

As part of a new move that includes an initial public offering, Golar Power will get a new name.

Hygo Energy Transition has already filed a registration statement with the US SEC, Golar LNG said in a separate statement.

Hygo intends to apply to list the common shares on the Nasdaq Global Select Market under the ticker symbol “HYGO.”

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