Golar Seals Ghana Deal for Its FSRU Golar Tundra

Golar LNG Limited has executed a firm contract to provide West African Gas Limited (WAGL) with Floating Storage and Regasification Unit (FSRU) services to support their LNG import operations in Ghana.

The contract is for the provision of the 170,000cbm newbuild FSRU Golar Tundra, which will be delivered to Golar from Samsung during November 2015.

The FSRU will be moored inside the port of Tema, on the coast of Ghana West Africa, at a new jetty being built by WAGL, within a joint venture project aimed at developing an LNG import project at the port with a planned start up in Q2 2016.

Golar Tundra will be deliver to WAGL in Ghana following some minor modifications to the vessel in Singapore. The EBITDA expected in the first full year of operation is approximately USD 44 million, Golar said.

As informed, the contract will be for an initial period of 5 years with the option for WAGL to extend for a further 5 years.

Golar LNG’s CEO, Gary Smith said “Ghana represents an exciting new business opportunity for Golar. West Africa is becoming an increasingly important region for our business and we are proud to be jointly developing Sub Saharan Africa’s first FSRU in partnership with WAGL.” 

“This landmark achievement is the first of its kind in Sub Saharan Africa and strategically positions Ghana to be an Energy Hub. By contracting with the best-in-class companies like Golar LNG, WAGL has set clear standards of the highest order and reaffirmed its belief in the sub region as a stable environment for doing business,“said Umar Ajiya, Manager Director of WAGL.

WAGL is jointly owned by subsidiaries of the Nigerian National Petroleum Corporation (NNPC) with 60% and Sahara Energy Resource Ltd (Sahara) with 40%.

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