Golar LNG buys out FLNG vessel in Cameroon
YAOUNDé, February 7, 2023 – Golar LNG has agreed to acquire an ownership stake in the Hilli Episeyo FLNG vessel located offshore Cameroon from New Fortress Energy, the LNG operator announced on Monday.
The deal will see New Fortress Energy’s 50% interest in Train and Train 2 on the asset transferred to Golar LNG.
The acquisition is in exchange for Golar LNG’s remaining stake in New Fortress Energy and USD 100 million in cash.
The buyer will also take on around USD 323 million in debt linked to the asset.
The transaction is expected to close in Q1 2023.
“Today’s announced transaction increases Golar’s portion of cash flow generation from Hilli’s existing contract ending in July 2026,” said Karl Fredrik Staubo, CEO of Golar LNG.
“Improved market fundamentals for liquefaction capacity and Hilli’s market leading operational track record supports increased utilisation and earnings potential of Hilli upon re-contracting.”