GLNG $16.83 GOLAR LNG AND BLUEWATER OFFSHORE ANNOUNCE OFFSHORE FSRU PROJECT BID COOPERATION AND VESSEL PURCHASE
Tuesday July 15, 4:31 am ET
LONDON--(MARKET WIRE)--Jul 15, 2008 --
Golar LNG ("Golar") is pleased to announce that it has agreed to partner with Bluewater Energy Services B.V ("Bluewater") for the purposes of bidding for an offshore LNG FSRU opportunity with South Africa's national oil company, PetroSA. Golar and Bluewater will be equal partners in a joint venture formed specifically for this opportunity. Additionally, and in conjunction with this bid, Golar and Bluewater have agreed to acquire the 1977 built Moss type 126,000 m3 LNG Carrier, Hoegh Gandria. The vessel is intended to be used as the converted offshore FSRU.
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The Bluewater group of companies has built a technological lead specializing in lease and operation of tanker-based Production and Storage (FPSO/FSO) systems, and has become a leading provider of advanced Single Point Mooring (SPM) systems. Bluewater operates worldwide with offices in The Netherlands, United Kingdom, United States, South Africa, Nigeria, Angola, Malaysia, Russia and China. Bluewater are providing their propriety LNG tandem loading system which forms an important part of the offer to PetroSA.
Golar LNG is a leading independent owner and operator of LNG ships, providing both traditional LNG transportation services and more recently LNG mid-stream solutions including LNG floating storage and regasification units (FSRU). Golar Management UK Ltd CEO, Gary Smith commented that "the acquisition of the Gandria in partnership with Bluewater and joint bidding for the technically challenging opportunity in South Africa demonstrates Golar's firm commitment to continue growing its mid stream business, its ability to partner with leading industry participants in order to deliver the best available technical solutions and its commitment to enhance shareholder value by being a first mover in this expanding area of business."
Golar LNG Limited
Hamilton, Bermuda.
July 14, 2008.
Questions:
Gary Smith
Graham Robjohns
Golar Management (UK) Ltd
+44 (0) 207 517 8600
