LNG

June 1 (LNGJ) - Golar LNG Ltd and Italian natural gas grid operator SNAM have signed an agreement for the Italian group to purchase the floating storage and regasification unit (FSRU) “Golar Tundra” for $350 million to boost LNG imports. The 170,000 cubic metres capacity “Golar Tundra” can operate both as an LNG carrier and as an FSRU. The vessel was built in 2015 and has a regasification capacity of 5 billion cubic metres per year.

   “In order to maximise its regasification capacity, the vessel will be located in central-northern Italy, close to the areas with greatest gas consumption,” said the statement. The “Golar Tundra” is expected to start operations as an FSRU during the spring of 2023. Golar had signed a previous deal with SNAM on Golar converting the last of its trading steam-turbine LNG carriers, the “Golar Arctic”, into an FSRU for delivery to SNAM at a port on the Italian island of Sardinia.

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, which still has 25 owned or operated vessels in its fleet, reported a profit in a hectic first quarter that saw the departure of its Chief Executive Iain Ross, the sale of US unit Golar LNG Partners to New Fortress Energy, along with Golar’s half share in the Hygo Energy Transition business in Brazil.

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.

Golar LNG Partners, the owner of 10 vessels, said that growing underlying demand and limited new nameplate production additions through to 2023 will result in LNG prices that help the fuel’s competitiveness and support a more sustained increase in US-Asia trade and ton-mile demand for shipping.

Hygo Energy Transition, the joint venture company formed by shipping and projects operator Golar LNG and US fund Stonepeak Infrastructure Partners for their Golar Power interests, has appointed a new Chief Executive to replace the previous incumbent who decided to step down after being caught up in a Brazilian corruption investigation.

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.