Golar LNG Limited: Fortuna FLNG Offtake Awarded to Gunvor
21 August 2017 - 10:00PM
The Ministry of Mines and
Hydrocarbons ("MMH"), Ophir Equatorial Guinea (Block R) Ltd, OneLNG
SA and La Compania Nacional De Petroleos De Guinea Ecuatorial
("GEPetrol") have nominated Gunvor Group Ltd ("Gunvor") as its
preferred LNG Buyer for offtake from the Fortuna FLNG project. All
parties have agreed the principal commercial terms subject to
finalising a Sale and Purchase Agreement ("SPA") for the offtake
ahead of the Final Investment Decision ("FID") on the Fortuna FLNG
project.
Gunvor is committed to take
the full contract capacity of the Gandria FLNG
vessel of 2.2 MMTPA which will be purchased on a
Brent-linked, Free on Board ("FOB") basis for a 10 year term. The
contract structure allows flexibility for up to 1.1mmtpa of the
Fortuna capacity to be marketed on an alternate basis. Consequently
the agreement gives the Fortuna partners alongside the State of
Equatorial Guinea, the potential to sell volumes to higher
priced gas markets in Africa and beyond, whilst retaining a share
in the profits of such onward marketing.
With the identification of a
preferred LNG Buyer now achieved, the last significant milestone
prior to the FID of the Fortuna FLNG project is the completion of
the project funding, with FID remaining on track for 2017.
His Excellency, Gabriel Mbaga
Obiang Lima, Minister of Mines and Hydrocarbons for the Republic of
Equatorial Guinea, commented: "The selection of
Gunvor sets a landmark moment in the development of the Fortuna
Project. The partnership with Gunvor also paves the way for the
government's objective to deliver important projects that monetize
our gas, promotes local content and brings world-class petroleum
technology to Equatorial Guinea. The Fortuna Project will target
becoming the first choice supplier of LNG for the LNG to Africa
initiative, furthering Equatorial Guinea's leadership position in
Africa as an LNG exporter."
Nick Cooper, Chief Executive of
Ophir, commented: "We thank those parties that
participated in the competitive tender process for the offtake and
welcome Gunvor to the Fortuna FLNG Project. Gunvor's involvement is
a further addition to a strong partnership along the Fortuna value
chain. Our focus is now on completing the financing package and
debt facility". With Golar's sister vessel, the Hilli Episeyo,
nearing completion and with Petronas FLNG having recently delivered
commercial cargoes, FLNG is now entering the mainstream".
Jeff Goodrich, CEO OneLNG SA
commented: "OneLNG, along with the State of Equatorial Guinea and
Ophir, would like to take the opportunity to welcome Gunvor to the
Fortuna family. We look forward to working together to set the new
performance benchmark in FLNG".
FORWARD LOOKING
STATEMENTS
This press release contains
certain forward-looking statements concerning future events and
Golar's operations, performance and financial condition.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain the words
"believe", "anticipate", "expect", "estimate", "project", "will
be", "will continue", "will likely result", "plan", "intend" or
words or phrases of similar meanings. These statements involve
known and unknown risks and are based upon a number of assumptions
and estimates that are inherently subject to significant
uncertainties and contingencies, many of which are beyond Golar's
control. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Important
factors that could cause actual results to differ materially
include, but are not limited to: the timeliness of the Hilli
Episeyo conversion, commissioning and delivery; Golar's future
revenues, expenses, financial condition and results of operations;
Golar's ability to draw down on existing debt facilities and the
amounts drawn thereon, to refinance debt, to incur additional debt
and the terms thereof; covenants and financial ratios imposed by
Golar's debt facilities; Golar's ability to make additional
borrowings and to access debt and equity markets; customer
acceptance and termination dates and extensions of charters; and
other factors listed from time to time in the reports and other
documents Golar files with the United States Securities and
Exchange Commission.
New factors emerge from time to
time, and it is not possible for Golar to predict all of these
factors. Further, Golar cannot assess the impact of each such
factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement.
Golar does not intend to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Golar's expectations with respect thereto or any change
in events, conditions or circumstances on which any such statement
is based.
Hamilton, Bermuda
August 21, 2017
Enquiries:
Golar Management Limited: + 44 207 063 7900
Brian Tienzo
Stuart Buchanan
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
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