Golar LNG Sells Newbuilding
20 Feb 2007
Golar LNG is pleased to announce an agreement to sell its existing interest in new building DSME hull number 2244 to Maran Gas for the gross consideration of approximately $92.5 million, this represents an implicit vessel price of $201 million.
Golar estimates that its book cost of investment in this vessel at completion of the sale will be approximately $51.5 million and this transaction therefore 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, 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.
Golar LNG Limited
February 19, 2007
Hamilton, Bermuda.
Questions should be directed to:
Golar Management (UK) Ltd - +44 207 517 8600:
Gary Smith: Chief Executive Officer
Graham Robjohns: Chief Financial Officer
