Golar LNG Limited (Nasdaq:GLNG; OSE:GOL) ("Golar" or the "Company") today
announced that in two private transactions with international institutional
investors and a related party it has increased its ownership of Golar LNG Energy
Limited (Oslo Axess:GOLE) ("Golar Energy") from 61.1% to 90.5% with agreements
to acquire an additional 69,841,044 Golar Energy shares. The sellers will
receive one newly-issued Golar share for every 6.06 Golar Energy shares
acquired. The shares will be issued at $30.30.
The share acquisitions have been organised in two transactions. In the first
transaction Golar has acquired 36,300,891 shares from international
institutional investors and in the second transaction has acquired 33,540,153
from World Shipholding Limited, the Company's major shareholder. In first
transaction shares will be issued with immediate effect. In the second
transaction the shares will be issued upon filing of a prospectus. The two
transactions will increase the Company's share capital by 11,524,911.
With the successful formation of Golar LNG Partners L.P., the Board of Directors
of the Company believes that the increase in ownership of Golar Energy best
serves the Company's strategy. While long-term contracted assets will be offered
to Golar LNG Partners L.P. for acquisition, Golar will continue to develop long-
term contracted projects within the LNG midstream sector as well as shorter term
business and its LNG trading business. Golar will also hold a significant stake
in Golar LNG Partners L.P. as well as its general partner and its incentive
distribution rights.
ABG Sundal Collier ASA, Carnegie ASA, RS Platou Markets AS advised the Company
on the private exchange transaction.
Forward Looking Statements
This press release contains forward-looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including the Company management's examination of historical
operating trends. Although Golar believes that these assumptions were reasonable
when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, the Company cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this press release include the
strength of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
shipping market, changes in the Company's operating expenses including bunker
prices, dry-docking and insurance costs, changes in governmental rules and
regulations or actions taken by regulatory authorities, the demand for liquid
natural gas and supply of LNG carriers, potential liability from pending or
future litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political events,
regulatory requirements and other important factors described from time to time
in the reports filed by the Company with the U.S. Securities and Exchange
Commission.
Golar LNG Limited
April 26, 2011
Hamilton, Bermuda.
Questions should be directed to:
Golar LNG Management Ltd - +44 207 063 7900
Brian Tienzo: Group Financial Controller
Graham Robjohns: Chief Executive 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 via Thomson Reuters ONE
[HUG#1508845]
