Key Developments For Golar LNG
Golar LNG (GLNG.O) (Nasdaq)
Golar LNG Limited Announces Completion Of Restructuring And Equity Offering
Golar LNG Limited announced that the restructuring of its activities by way of the transfer of various assets and liabilities to its subsidiary, Golar LNG Energy Limited (Energy) has been completed. Accordingly, a total of 168,500,000 new shares in Energy have been issued to Golar. The private placement of 60 million new shares in Energy at a subscription price of USD2 per share and the issue of 12 million warrants to subscribe for further shares on December 15, 2010, of USD2 has furthermore been completed. Energy's shares have obtained an OTC listing in Oslo and trading has commenced.
Golar LNG Limited Announces Completion Of Equity Offering
Golar LNG Limited announced that its subsidiary Golar LNG Energy Limited has completed its equity offering. A total of 55 million shares (USD 110 Million) will be issued mainly to International and Norwegian institutional investors. Attached to the offering is a 'green shoe' option. The managers have therefore been granted an over allotment option, exercisable for 30 days for an additional 5 million shares (USD 10 million). The Company will initially be listed in the Oslo OTC market, but will immediately progress with full listing application for Oslo Stock Exchange. Golar LNG Limited August 6, 2009 Hamilton, Bermuda.
Golar LNG Limited Announces Restructuring And Equity Financing
Golar LNG Limited announced a major restructuring combined with an intent to conduct an equity offering in its newly formed subsidiary, Golar LNG Energy Limited (Energy). Golar has incorporated Energy in Bermuda for the purpose of transferring such part of its asset portfolio which is not employed on long term charters to this entity. The transfer will include the following assets and activities: - the ownership of 4 modern LNG carriers (Gracilis, Grandis, Granosa and Golar Arctic) - the ownership of 3 1970's built LNG carriers (Khannur, Gimi and Hilli) - a 50% ownership interest in another 1970's build LNG carrier (Gandria) - a 13,6% ownership interest in the Australian listed company LNG Ltd. - Golar's current project portfolio - certain financial obligations, notably swap arrangements. In addition, Energy will acquire the subsidiary owning LNG carrier Golar Freeze which is scheduled to be converted to an FSRU vessel. The transaction will be structured as a sale by Golar to Energy of its shares in and shareholder loans to the subsidiaries which are the formal owners of the above referred assets. In addition certain contractual rights will be transferred. The gross value of the assets transferred from Golar to Energy is USD824 million based on Golar's book values as of 30 June 2009. USD337 million of the net consideration will be settled by Energy issuing 168.5 million new ordinary shares of par value 1.- in Energy to Golar at a subscription price of USD2.
Golar LNG Limited And PTTEP Announce Agreement To Jointly Develop Australian Flng Opportunity
Golar LNG Limited announced that further to the the Golar announcement in August 2008, of the MOU signed between Golar and PTT Exploration and Production Public Company Limited (PTTEP) of Thailand covering the joint development of Floating LNG (FLNG) opportunities, Golar advised that it has signed an agreement with PTTEP to jointly enter into Front End Engineering and Design (FEED) studies for the proposed Australian FLNG project located in North West Australia. Agreement in principle has also been reached on the commercial structuring of the Australian FLNG project which provides for Golar to participate in the gas value chain on a 50:50 basis with PTTEP. It is intended that Golar will farm into the gas reserves held by PTTEP resulting from its recent acquisition of Coogee Resources Limited.
Golar LNG Limited And Liquefied Natural Gas Ltd. Ink Preliminary Deal For Gladstone CSG Plant-DJ
Dow Jones reported that, Golar LNG Limited said that it has signed a preliminary deal to develop a $500 million plant at the port of Gladstone in Queensland, Australia, to turn coalbed methane into liquefied natural gas for export. Golar said it would take a 40% stake in the plant, which has a planned capacity of 1.5 million metric tons a year, and buy all the LNG under the terms of a Heads of Agreement signed with Liquefied Natural Gas Ltd., or LNG Ltd. First production is scheduled for 2012, and talks were underway to sell the LNG output to a customer.
