Golar LNG updates W. Java FSRU project

The following is an excerpt of West Java FSRU project taken from Golar LNG?s Q3 Results published on Friday. (ed)

 

Golar Energy announced in October 2010 the award of the West Java FSRU tender. Whilst an exciting development for Golar Energy, the Company believes it is also positive for the floating storage and regasification industry. Sponsored by Indonesia's well known and respected national energy companies, Pertamina and PT Perusahaan Gas Negara (Persero) Tbk, "PGN", this project represents yet another example of credible industry players turning to FSRU technology to deliver low cost and fast track LNG import projects.

 

The West Java FSRU project represents the Golar Group's fourth FSRU project but first offshore FSRU which will include the provision of mooring facilities. The contract duration is for a firm period of approximately 11 years and with a total contract value of approximately $500 million. Additionally Golar Energy has automatic extension options for an additional three years, subject to contract terms. A Letter of Intent ("LOI") was recently signed with Nusantara Regas to undertake the financial commitments associated with order of long lead items and detailed engineering, accomplishing an important project milestone. Parties have now commenced discussions on the FSRU Time Charter Party. (end of excerpt)