Golar LNG Partners LP (NASDAQ: GMLP) (the "Partnership") announced today that it
has entered into an agreement to acquire the ownership interests in the company
that owns and operates the liquefied natural gas ("LNG") carrier, the Golar
Maria, from Golar LNG Limited ("Golar LNG") for a purchase price of $215.0
million. The acquisition is subject to the satisfaction of certain closing
conditions.
The Golar Maria was delivered to its current charterer, LNG Shipping S.p.A.
("LNG Shipping"), a subsidiary of Eni S.p.A in November 2012 under a charter
with an initial term expiring in December 2017.
The Partnership estimates that the acquisition will generate approximate annual
revenues between $28 million and $29 million and annual net cash from operations
(before the deduction of interest costs) between $22 million and $24 million
during the term of its charter with LNG Shipping. Golar Wilhelmsen manages the
operation of the Golar Maria pursuant to an existing ship management agreement.
The Board of Directors of the Partnership (the "Board") and the Conflicts
Committee of the Board (the "Conflicts Committee") have approved the purchase
price. The Conflicts Committee retained a financial advisor, DNB Markets, to
assist with its evaluation of the acquisition.
The Board is pleased that the Partnership has entered into this purchase
agreement with respect to its fourth acquisition since the Partnership's initial
public offering in April 2011. As with the Partnership's acquisition of the
Golar Grand, this acquisition is expected to be an accretive transaction and is
consistent with the Partnership's growth strategy. As a result of this
acquisition, the Partnership's management intends to recommend to the Board an
increase in the Partnership's quarterly cash distribution of between $0.0125Â and
$0.0175Â (or an annualized increase of between $0.05 and $0.07), which would
become effective for the distribution with respect to the quarter ending March
 31, 2013. Any such increase would be conditioned upon, among other things, the
closing of the Golar Maria acquisition, the approval of such increase by the
Board and the absence of any material adverse developments or potentially
attractive opportunities that would make such an increase inadvisable.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning future
events and the Partnership's operations, performance and financial condition.
Forward-looking statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain the words "believe", "anticipate", "expect",
"estimate", "project", "will be", "will continue", "will likely result", "plan",
"intend" or words or phrases of similar meanings. These statements involve known
and unknown risks and are based upon a number of assumptions and estimates that
are inherently subject to significant uncertainties and contingencies, many of
which are beyond the Partnership's control. Actual results may differ materially
from those expressed or implied by such forward-looking statements. Important
factors that could cause actual results to differ materially include, but are
not limited to:
* statements regarding the revenues and annual net cash from operations that
may be generated by Golar Maria;
* statements about the Partnership's ability to increase distributions to
unitholders and the amount of any such increase;
* the Partnership's anticipated growth strategies;
* the Partnership's future revenues, expenses, financial condition and results
of operations;
* the repayment or refinancing of debt;
* the Partnership's ability to make additional borrowings and to access debt
and equity markets;
* charter termination dates and extensions of charters;
* the Partnership's business strategy and other plans and objectives for
future operations; and
* other factors listed from time to time in the reports and other documents
the Partnership files with the United States Securities and Exchange
Commission.
New factors emerge from time to time, and it is not possible for the Partnership
to predict all of these factors. Further, the Partnership cannot assess the
impact of each such factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially different from
those contained in any forward-looking statement. The Partnership does not
intend to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Partnership's
expectations with respect thereto or any change in events, conditions or
circumstances on which any such statement is based.
Hamilton, Bermuda
January 30, 2013
Investor relations enquiries:
Golar Management Limited - +44 207 063 7900
Brian Tienzo
Stuart Buchanan
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 Partners L.P. via Thomson Reuters ONE
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