Sale of FSRU Golar Tundra to Golar LNG Partners LP

By Vessels

Golar LNG Limited announced today that it has entered into a purchase agreement to sell the Golar Tundra, a floating storage and regasification unit, to Golar LNG Partners LP ("Golar Partners" or the "Partnership") for a sale price of $330.0 million.

Sale of FSRU Golar Tundra to Golar LNG Partners LP

LNG Tanker Golar Tundra - Outfitting at Samsung shipyard in Geoje City Image: lappino / shipspotting

In connection with the closing, the Partnership will receive a daily fee plus operating expenses, aggregating to approximately $2.6 million per month, for Golar's right to use the FSRU from the date of the closing until the date that the Golar Tundra commences operations under its time charter with West Africa Gas Limited.

In return, the Partnership will remit to Golar any hire income received with respect to the Golar Tundra during this period. The sale is expected to close in March 2016 and the vessel is expected to commence operations under its time charter with West Africa Gas Limited at the end of the second quarter of 2016.

The sale of the Golar Tundra will strengthen Golar's liquidity by approximately $130 million. The sale has been arranged in accordance with the Omnibus Agreement which regulates Golar's obligation to offer any vessel on charter for more than five years to the Partnership.

Source: Golar LNG