Golar LNG Partners buys Golar Tundra

Bermuda-based Golar LNG Partners said Wednesday it has entered into an agreement to buy the Golar Tundra FSRU from Golar LNG Limited.

The deal is worth about $330 million, “less an expected amount of approximately $230 million of net lease obligations under the bank financing for the vessel“, Golar LNG Partners said in a statement.

 The company expects the acquisition to close in March 2016.

The FSRU is subject to a time charter with West Africa Gas Limited (WAGL), for an initial term of five years, which may be extended for an additional five years.  

WAGL is jointly owned by subsidiaries of the Nigerian National Petroleum Corporation (NNPC) with 60% and Sahara Energy Resource with 40%.

The joint venture is developing an LNG import project at the port of Tema on the coast of Ghana West Africa. The FSRU will be moored inside the port at a new jetty being built by WAGL. 

The Golar Tundra is expected to commence operations under the charter at the end of the second quarter.

Credit facility

Prior to the closing of the deal, Golar LNG Partners expects to enter into a new, 5 year, $800 million senior secured credit facility. 

The new credit facility is expected to consist of a $650 million term loan facility and a $150 million revolving credit facility and is intended to replace the existing credit facilities that are secured by seven vessels in the Partnership’s fleet, the company added.

LNG World News Staff

 

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