Golar LNG - Expanding fleet
Golar
LNG Limited ("Golar" or the "Company") today announced details of an
expansion to its fleet. The Board of Golar has in the recent months
considered several options for expanding the Company's activities. This
has included growth through acquisitions as well as organic growth.
Particular emphasis has been given to valuations, operating efficiencies
and timing of such an expansion. The Board sees significant strength in
the present development in the LNG shipping market. Global LNG trade is
estimated to increase by in the region of 8%-10 % per year over the
next few years with further upside if US LNG exports materialise.
The Board has in the recent months been in
discussions with several yards with respect to increasing the size of
the Company's new building program. The fact that ship newbuilding
prices in general are under some pressure and also that the new tri-fuel
engines are significantly cheaper to operate than the previous
generation steam turbine ships makes newbuildings attractive. The
Company believes that it is important to get new capacity delivered as
early as possible in order to position Golar for the anticipated large
LNG volume increases expected to come from Australia and possibly the US
in 2015 - 2016.
As a first part of this expansion Golar is pleased to announce that it has entered into two newbuilding contracts for 162,000 m3
new buildings with fixed priced options for a further two with the
Korean shipbuilder Hyundai Samho Heavy Industries Co., Ltd. ("Hyundai")
One vessel will deliver during the third quarter of 2014 and the other
will deliver during the fourth quarter of 2014.
The total cost of the two vessels is slightly above
$400 million. As with Golar's existing newbuilding orders, the vessels
will be delivered with tri-fuel diesel electric engines. The new engines
will be more fuel efficient and will also have lower emission levels of
pollutants and CO2.
Chairman John Fredriksen says in a comment: "We are
excited to see the rapid developments in the LNG market. We clearly see
LNG as one of the key parts in the future energy supply chain. The
increased flexibility provided by floating production and regas
solutions has transformed the LNG industry and made it significantly
more competitive versus other energy types. The large global spreads in
gas prices, the high growth in trade, and the tight availability of
shipping gives this investment a solid foundation."
In addition to these reported contracts with Hyundai,
Golar is in final discussions with regards to further increasing the
Company's new building investment. This includes ordinary LNG carriers
as well as ordering more infrastructure type LNG assets. A final
clarification about this should be expected in the coming weeks.
Golar is now uniquely positioned with a total of 13
modern LNG carriers including 2 FSRU's available for trading in the
period 2012- 2014. In addition the company has several older vessels
available. The Board will use the existing open position to seek
strategic partnerships as well as creating a balanced portfolio of
short, medium and long term charters. With the large new building
commitment at attractive prices; the current portfolio of long term
charters and the corporate structure including Golar LNG Partners, the
Company is well positioned to serve its customers rapid expansion and to
grow earnings aggressively in the years the come. These latest orders
confirm Golar's commitment to be the worlds leading independent LNG
shipping company.
Fuente: Reuter
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