Golar Wins Contract for Its Newbuild FSRU Golar Igloo

Golar LNG Limited (Golar) has executed a firm contract to provide the Kuwait National Petroleum Company (KNPC) with floating storage and regasification (FSRU) services to support their LNG import operations at Mina Al Ahmadi. The 170,000cbm newbuild FSRU Golar Igloo when delivered by by Samsung Heavy Industries during the fourth quarter of 2013 will service the contract that is set to commence in March 2014.

The contract will be for an initial period of 5 years and comprises the provision of portside FSRU services for an anticipated nine months of the year together with a three month window where the vessel is free to pursue spot carrier and other short term business opportunities. Winter scheduling of the three month stand-down period together with favourable positioning mean that the company is optimistic for the vessels trading prospects.

With a total contract value of approximately USD$213 million covering both capital and operating elements over five years, Golar expects to supplement these earnings with additional hire payments during the winter months each year.

[mappress]

Press Release, August 6, 2013