Golar sells Eskimo FSRU to Golar LNG Partners

Golar LNG sells Eskimo FSRU to Golar LNG Partners

Golar LNG said that it has entered into an agreement to sell the FSRU Golar Eskimo to Golar LNG Partners for a price of USD 390 million.

The transaction is expected to be finalized in January 2015.

The partnership will finance the purchase price with cash on hand, the proceeds of a $220.0 million loan from the company and the assumption of outstanding bank debt in respect of the Golar Eskimo on the closing date of the acquisition (which is be approximately $162.8 million). The loan is for a term of 2 years with a rate of interest of LIBOR plus a blended margin of 2.84%.

Part of the agreement with Golar Partners is for the company to retain the right to use the FSRU and to charter the vessel to a third party starting in January 2015 and ending in June 2015. Any hire received during this period will belong to the company. In return for this, the company will pay Golar Partners $22 million to be paid in equal monthly instalments starting in January 2015.

This transaction is the sixth dropdown of assets to Golar Partners since its IPO in April 2011.

Press Release; Image: Golar LNG

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