As a further update to our press announcements made on October 12 and November
4, 2010, Golar LNG Energy is pleased to announce that the long term Floating
Storage and Regasification (FSRU) and Mooring time charter with PT Nusantara
Regas, a joint venture between Pertamina and PGN ("West Java FSRU Project ") has
been concluded and was executed on April 20 2011.
The contract duration is for an initial term of approximately eleven years with
automatic conditional extension options up to 2025.Â The West Java FSRU Project
contract value for the initial period is approximately US $500 million.
Since the execution of the Letter of Intent in November 2010, Golar has ordered
the long lead items, carried out conversion engineering and the vessel nominated
for this contract, "KHANNUR" has been positioned to Singapore where the physical
conversion works are now underway at Jurong Shipyard in Singapore.
Upon completion of conversion and delivery in the first quarter of 2012,
"KHANNUR" will be permanently moored at a purpose built mooring structure
located 15 km offshore West Java. The converted "KHANNUR" will be capable of
storing ~ 125,000 cubic meters of LNG and delivering up to 500 MMSCFD (~3.8 MTA)
of regasified LNG via Nusantara Regas's pipeline to fuel for two Power Plants
owned and operated by Perusahaan Listrik Negara ("PLN"), Indonesia's national
The Golar group has already completed three FSRU conversions over the last three
years.Â The FSRU for the West Java FSRU Project will be similar in design to the
latest of theseÂ three projects, the "GOLAR FREEZE", which recently delivered
under a long term contract in Dubai. The West Java FSRU Project will be
Indonesia's first LNG regasifcation terminal and significantly, the first FSRU
project in Asia. Golar is currently bidding on PGN's FSRU, Mooring and Pipeline
tender to be located offshore Medan, Sumatra.
Golar Energy's FSRU technology offers reliable and cost effective solutions to
fast track the import and regasification of LNG.
Golar Energy's CEO, Doug Arnell said "We are very proud to have executed this
foundation agreement for the West Java project. We also wish to express our
appreciation to the Nusantara Regas team for their dedication in finalizing the
contract.Â We believe this contract for Indonesia and Asia's first FSRU will be
the catalyst for the development of additional floating LNG projects within the
Asia Pacific region. Indonesia has announced plans for more FSRU projects to
include small scale LNG projects and we look forward to having the opportunity
to deliver more fast track and low cost solutions."
April 20, 2011
Questions should be directed to:
Golar Management Ltd - +44 207 063 7900:
Doug Arnell: Chief Executive Officer
Graham Robjohns: Chief Financial Officer
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golar LNG Energy Limited via Thomson Reuters ONE