LNG

UK major BP said the floating production storage and offloading (FPSO) vessel, a key component of the floating LNG development on the maritime border of Senegal and Mauritania in West Africa, has arrived at its final location.

Golar LNG, which has an operated and owned fleet of 28 vessels, reported a more than four-fold increase in losses as it reorganized the business following the sale of the Hygo Energy stake and Golar LNG Partners to New York-based LNG-to-power firm New Fortress Energy.

Golar LNG Ltd shares plunged almost 8 percent after Chief Executive Iain Ross resigned after nearly four years with the Norwegian-founded LNG shipping and projects company as it was completing the sell-off of assets to US LNG-for-power projects company New Fortress Energy.

Shares in Golar LNG, the carrier fleet operator and project developer, plunged 32 percent on the Nasdaq global exchange after one of its associates was caught up in a Brazilian corruption investigation involving another company.

Golar LNG, the owner and operator with its affiliates of a fleet of 27 vessels, has been experiencing setbacks in plans to spin off shipping operations and to become an infrastructure company in gas-fired power joint ventures.

Golar LNG, the carrier fleet owner, has announced key executive changes at two of its operating companies involving chief financial officer and chief executive positions.

Golf said that after almost 20 years of service with the Golar group Graham Robjohns had decided to step down from his position as Chief Financial Officer at Golar LNG Ltd.

“In order to facilitate a smooth transition, Robjohns will remain in his current position until April 30, 2020 while the search for his replacement proceeds,” said Golar.

Golar said that Robjohns would in the next six months as CEO for the Golar partnership be given a special task to look at structural opportunities to optimize the value of the assets and the large order backlog.

Additionally, Golar LNG Partners said that with immediate effect Brian Tienzo would step down as CEO of Golar Partners and will focus full time on Golar group financings.

Robjohns will take on the role of Golar Partners CEO until April 30, 2020 while the search for a permanent replacement proceeds.

“The journey with Golar from a small LNG shipping company with six ships to where we are today has been exciting, interesting, challenging and fun in equal measure,” said Robjohns.

“Golar has a wonderful team of highly talented people and the opportunities to create a very successful next chapter for Golar,” he added.

“After 20 years however, I feel the time is now right for change and for me to seek new challenges outside of Golar. I wish the company well and look forward to seeing it flourish,” he stated.

Chairman of Golar LNG Partners, Olav Troim, said Robjohns had been a very important part of the management team since Golar LNG was first listed on the stock exchange in 2000.

“He has had several key management positions in the group and has always worked extremely hard and delivered superior and diligent services to the group,” added Troim.


“These services have been critical in the transformation of Golar from an LNG shipping company to today’s LNG infrastructure company,” Troim concluded.

Golar Partners also announces that it had appointed Ms. Georgina Sousa as a replacement for Michael Ashford as one of the General Partner’s three appointed directors.

Ashford is also retiring as Company Secretary and will be replaced by Sousa.

“The Board wishes Michael well in his retirement and thanks him for his service to the company,” it said.