Nasdaq-listed Golar LNG Partners has secured a time charter contract for one of its steam liquefied natural gas (LNG) carriers, the 145,700m3 Golar Grand.
Under the deal, the 84,894 dwt vessel is scheduled to work for a period of up to a maximum of 9 years for an undisclosed oil and gas company.
The 2005-built Golar Grand is currently on charter with Golar LNG Limited and will therefore be sub-chartered back from Golar LNG, at the same rate as the new charter, for the initial period of the deal until the current charter ends in October 2017.
The LNG carrier will be delivered under the new charter during the second quarter of 2017 for an initial period of 2 years with a series of extension options up to the maximum charter period.
The company informed that the Partnership’s operating income before depreciation derived from the Golar Grand will be unchanged until October 2017 when the Golar LNG charter ends.
If initial extension options for up to 5 years are exercised, the deal is expected to generate around USD 10 million of operating income per year over the full 5-year term, according to the company.