Bermuda: Golar LNG Announces FSRU Contract Extension with Petrobras

Bermuda - Golar LNG Announces FSRU Contract Extension with Petrobras

Golar LNG Partners LP announces today that it has reached agreement with Petrobras to make certain modifications to the Golar Winter floating storage and regasification unit (“FSRU”) and to extend the term of the contract by 5 years to 2024.

Petrobras have taken the decision to move the Golar Winter FSRU from its present site in Rio de Janeiro to Bahia and as a consequence the vessel will require certain modifications including the addition of LNG loading arms. Golar Partners has agreed to make these modifications and Petrobras have agreed to an increase in the charter rate in return for the upgrades to be made to the vessel.

In addition to the 5 year extension, Golar Partners will receive, in nominal terms, approximately $24 million in additional revenue over the term of the contract before the effect of rate escalation as provided for in the time charter.

The vessel is due to be delivered at its new site in the third quarter 2013 at which point the new charter rate will commence. The vessel is expected to incur offhire time of approximately the same amount as would be incurred during its normal five yearly drydocking, which will be undertaken at the same time. Golar Partners will enter into an agreement with Golar LNG Limited under which Golar LNG Limited will undertake the modification work.

Golar Partners will finance the modification work with cash and undrawn credit facilities but may also take the commitment into account in future debt or equity transactions.

This contract extension increases the Partnerships average contract term to approximately 9.2 years which is increased from an approximate 8.2 year average as at December 31, 2011, and will provide significant stability of cash flow in the longer term.

Golar LNG Partners total contracted revenue backlog will increase to $1.9 billion.

World Maritime News Staff, January 19, 2012; Image: Keppel Corporation



Share this article

Follow World Maritime News

In Depth>


<< Oct 2015 >>
28 29 30 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Canada LNG Export Conference and Exhibition 2016

Following the tremendous success of DMG’s 3rd Annual Canada LNG Export Conference & Exhibition, those fundamental to the development of LNG…

read more >

Seatrade Offshore Marine & Workboats Middle East 2015

Middle East Workboats 2015 is firmly established as the definitive and leading industry event for the region. As a visitor you will be part…

read more >

Danish Maritime Technology Conference 7-8 October 2015

Danish Maritime Technology Conference is a summit for the maritime industry taking place during Danish Maritime Days 2015.

The conference gathers the newest, most innovative and sustainable technologies from the Danish Maritime industry.

The conference is held with support from The Danish Maritime Fond and in collaboration with members of Danish Maritime such as: MAN Diesel & Turbo, Wärtsilä Danmark, Emerson Process Management Marine Tank Management – Damcos A/S, Inrotech, VIKING Life Saving Equipment, Hempel, Alfa Laval Danmark, Force Technology and Søby Yard.

Danish Maritime Technology Conference is free of charge.

Read more about the conference here.

read more >

Marintec China 2015, Shanghai, China


Facts & Figures of Marintec China:
• The exhibition spread over 70,000 square metres in Shanghai New International Expo Centre
• Over 1,700 exhibiting companies were participating in the event
• 57,888 quality trade visitors from 88 countries/regions
• 16 national & regional pavilions from Austria, China, Denmark, Finland, France, Germany, Hong Kong SAR, Japan, Korea, the Netherlands, Norway, Singapore, Sweden, Taiwan region, the United States and the United Kingdom were organised

About Marintec China

Marintec China 2015 will be held on 1-4 December 2015 in Shanghai. With increasing worldwide recognition and reputation throughout the past three decades, the exhibition is attracting an increasing number of high-profile exhibitors and visitors from around the world.

Regarded as the only gateway to the Asian maritime market, Marinetech China has become larger than ever! Being the most recognized maritime trade show in Asia, Marintec China is definitely an international marketplace for buyers to source from international sellers showcasing their latest marine, ship design, offshore engineering and port technology.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. Marintec China 2013 has broken all the previous records attracting more than 1,700 exhibiting companies from 32 countries /regions and 16 group pavilions, making it the most international and authorised industry event in Asia. Taking place once every two years, Marintec China 2015 edition is a unique opportunity for suppliers to connect with new customers and re-connect with existing contacts from the region, and final one to present new products and services to the trade visitors and experts from all parts of the world.

Visit Marintec China 2015 website for more details

read more >