LNG

May 14 (LNGJ) - Golar LNG Ltd named Karl Fredrik Staubo as the new Chief Executive. Staubo had since May 2020 been the CEO of Golar LNG Partners LP, recently sold to New Fortress Energy. Previous Golar LNG Ltd CEO 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 New York-based firm New Fortress.

   “Staubo has a broad shipping-energy background from Clarksons Platou Securities and Magni Partners,” said a statement. Eduardo Maranhao was named as Golar LNG Ltd’s Chief Financial Officer. “Through the company’s strong strategic positions through the LNG value chain, including upstream, midstream, and downstream, Golar is well positioned to take an active part in the ongoing energy transition with the target to deliver cheaper and cleaner energy,” stated Golar Chairman Tor Olav Troim.

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 Ltd, the operator of conventional carriers, floating import and export terminals and a power affiliate backed by its fleet of 27 ships, is expanding its floating LNG relationship with US processing technology firm Black and Veatch into activities such as “green” LNG and hydrogen.

Golar offers its experience of delivering and operating low-cost floating LNG infrastructure while B&V, based in Overland Park in Kansas, is a leading provider of LNG technology, particularly for topsides of floating LNG production hulls.

“Within 2020, Golar and B&V intend to jointly publish a ‘thought leadership paper’ on our first area of interest for collaboration, floating ammonia production with carbon capture and storage (Floating Blue Ammonia),” said a statement.

Golar also operates with its Golar LNG Partners affiliate whose fleet comprises 10 vessels, including conventional carriers, FSRUs and the converted floating liquefaction hull the “Golar Hilli Episeyo” operating offshore Cameroon. Another hull of an older LNG carrier is being converted for an FLNG project offshore Mauritania and Senegal in West Africa.

In subsequent months, Golar and B&V intend to focus on the technical and commercial viability of the most prospective floating applications of the green and blue technologies and areas of interest they intend to investigate.

Any project development and implementation that followed the initial studies would be subject to a separate commercial agreement between the two companies.

“Replacement of coal, fuel oil and diesel with cleaner burning LNG represents one of the easiest and most cost-effective near-term steps to decarbonize the worlds energy mix,” explained Golar Chief Executive Iain Ross.

Golar, whose shareholders include more than 15 major global investment banks and funds, many based in New York, also has a joint venture, formerly known as Golar Power but now called Hygo Energy Transition, with the fund Stonepeak Infrastructure Partners.

Its activities are centred on northeast Brazil, including a project in Sergipe, the smallest Brazilian state.

Hygo Energy has also signed an accord with the Brazilian state government of Pernambuco to develop an LNG import terminal in the Port of Suape.

Additionally, Hygo Energy recently appointed a new Chief Executive to replace the previous incumbent who decided to step down after being caught up in a Brazilian corruption investigation.

Hygo Energy subsequently named Paul Hanrahan, the former President and CEO of power producer and LNG terminal owner AES Corp. from 2002 to 2011, as the new CEO to replace Eduardo Antonello.

Golar LNG CEO Ross explained that the shipping company and Hygo Energy were well positioned to expand on their quick delivery infrastructure solutions and emerging use of bio LNG, made from waste flows.

Ross added that his company has a history of championing and delivering solutions to problems in its industry, and he cited the Environmental, Social, and Corporate Governance (ESG) agenda, which is the mantra that is now part of the investment creed of the “green” banking community on Wall Street.

“Golar looks forward to working with a likeminded and equally capable partner, in the field of floating ammonia and hydrogen production, carbon capture, and other decarbonisation initiatives,” stated Ross.

Hoe Wai Cheong, President of Black & Veatch’s oil and gas business, said the new collaboration builds on years of delivering commercial and technology innovation with Golar in monetizing natural gas reserves.

“Given hydrogen and ammonia’s use in many energy-intensive industries we can make meaningful progress in lowering the carbon footprint and help these industries meet new sustainability commitments,” stated the head of B&V oil and gas.

Golar LNG Ltd, the operator of conventional carriers, floating import and export terminals and a power affiliate backed by its fleet of 27 ships, reported business progress while posting a first-quarter loss amid increased operating revenues.

Golar reported a net loss of $104.24 million for the first quarter compared with $41.74M of losses in the same three months of 2019.

However, total operating revenues were higher at $122.55M versus 114.28M in the year-ago quarter.

“Golar is pleased to report Q1 operating revenues and adjusted EBITDA of $76.2M, that were driven by a solid performance in FLNG, with 100 percent commercial uptime on ‘Hilli Episeyo’ (Cameroon FLNG exports), and strong seasonal results in Shipping,” said Iain Ross, Chief Executive of Golar LNG.

At the Golar Power affiliate, the 1.5 gigawatts Sergipe power plant in northeast Brazil reached its Commercial Operation Date acceptance which triggered earnings under the 25-year Power Purchase Agreement (PPA) and the associated FSRU “Golar Nanook” charter.

Golar LNG said that the first three small-scale customers have also now been formally signed up and LNG distribution operations are expected to start in 2021.

“This short time to cash flow and the very strong project return confirms the attractiveness of our small-scale business,” said the company.

“To date, a further 200 potential customers have signed letters of intent to pursue various small-scale opportunities with Golar Power, demonstrating the robust consumer appetite to reduce both energy costs and environmental footprints,” it added.

Among other highlights, Golar LNG said the power unit entered into a partnership with Petrobras Distribuidora S.A. to facilitate a nationwide rollout of small-scale LNG supply to Brazil's transportation and industrial sectors.

Golar Power also signed an accord with the Brazilian state government of Pernambuco to develop an LNG import terminal in the Port of Suape.

“We also expect to finalize arrangements for locating a Floating Storage Unit (FSU) at Suape over the course of the year,” said Golar.

The affiliate is additionally working with BR Distribuidora S.A to overlay its geographical coverage of LNG distribution onto BR Distribuidora’s 7,600 Brazilian fuel stations.

“This will optimize the roll-out of the necessary infrastructure to convert current diesel, heavy fuel oil and coal consumers to cleaner and cheaper LNG through the provision of a stable and secure LNG supply,” it said.

The floating LNG production from the “Hilli Episeyo” hull deployed offshore Cameroon in West Africa is heading for its 40th export cargo with 100 percent commercial uptime maintained.

Golar also noted that regarding the “FLNG Gimi” being built for production offshore Mauritania and Senegal in West Africa, the company received a “force majeure” claim from UK major BP in relation to a delay in the order of 12 months to the target connection date.

“We are in advanced and positive discussions with our main building contractor, Keppel Shipyard Limited, and with engineering topsides subcontractor, Black and Veatch, on a revised cost and time schedule for the ‘FLNG Gimi ‘conversion that can be implemented as a contingency in response to the 12-month delay claimed by BP on its Tortue project,” Golar explained.

In the LNG Shipping segment, Golar said it expected second-quarter time charters to be at around $40,000 per day, with utilization of at least 80 percent of the fleet based on fixtures to date and the prevailing spot market.

“The current chartering strategy to de-risk the business by targeting more fixed and floating coverage has been successful and we intend to fix more portfolio term-based deals to further de-risk shipping exposure and to hedge expected volatility,” said Golar LNG.

“Except for the ‘Golar Tundra’, scheduled to dry-dock during June, no other dry-docks are planned this year,” it added.

Golar LNG Chairman Olav Troim apologized to shareholders about the recent earnings disappointments and expressed confidence about strategy and the key role of natural gas in the energy mix for many years to come, leading to a rise in the two Golar shares listed on the Nasdaq global exchange, one by more than 5 percent.

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 Bermuda-based fleet operator and project company, has signed a preliminary charter agreement on the provision of a floating liquefied natural gas production hull for the BP-led FLNG venture planned for offshore the West African states of Senegal and Mauritania.

Sept 21 (LNGJ) - Golar LNG Ltd said it had replaced Chief Executive Oscar Spieler with a new CEO, named as Iain Ross, formerly with Australian engineering company WorleyParsons. Golar said Spieler’s “main remit” on becoming CEO had always been the delivery of the Cameroon floating LNG project vessel to be deployed offshore the West African nation and this has now been done.  “Having substantially executed his responsibility to deliver the FLNG ‘Hilli Episeyo’, Oscar will nevertheless remain with the group and fulfil the role of Executive Advisor,” said Golar. “With 34 years of broad industry and geographic experience and a focus on sustainable growth of businesses, Iain brings to Golar a strong leadership skill set,” the company added.